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IPFS News Link • SEC-Securities Exchange Commission

California Couple Charged With $910 Million Alternative Energy Tax Credit Ponzi Scheme

• https://www.zerohedge.com by Tyler Durden

Unfortunately, that couple isn't Elon Musk and Grimes.

Instead, it's California based Jeffrey and Paulette Carpoff. The SEC alleges that the couple raised about $910 million from 17 investors between 2011 and 2018 by offering securities in the form of investment contracts through their two solar generator companies, C Solar Solutions and DC Solar Distribution. 

The couple is also being charged in a parallel criminal case by the U.S. Attorney's Office for Eastern District of California.

The SEC complaint states that "The Carpoffs allegedly promised investors tax credits, lease payments, and profits from the operation of mobile solar generators. In reality, the complaint alleges, most of the generators were never manufactured, and the vast majority of the purported lease revenue paid to investors in fact came from new investor funds."


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