Posted on 04/14/2022 9:21:05 AM PDT by lowbridge
Green energy executive Robert A. Karmann, who was the chief financial officer for a now non-existent company, was sentenced to six years in prison on Tuesday for his role in a Ponzi scheme encompassing billions of dollars.
Karmann was also ordered to pay $624 million in restitution for his involvement in fraudulent acts related to the DC Solar company, which made mobile solar generator units. According to the U.S. Attorney’s Office for the Eastern District of California, investors were given “generous federal tax credits” for purchasing the units.
The investors were also falsely told that there would be consistent revenue from the units when in actuality there was not very much demand for the units according to federal authorities.
“DC Solar had instead become a fraud scheme that took new investor money to pay older investors, using circular transactions that were fraudulently disguised to look like real third-party lease revenue,” the Department of Justice explained.
One of the holding companies that invested in the project was Berkshire Hathaway Inc, which is owned by Warren Buffett.
According to court documents, Karmann and the other co-conspirators, including company founder Jeff Carpoff, carried out an accounting and lease revenue fraud using the Ponzi-like circular payments. Carpoff and others lied to investors about the market demand for DC Solar’s MSGs and its revenue from leasing to third parties,” the feds noted in their announcement of Karmann’s sentencing.
Karmann and his co-conspirators then falsified operation reports, financial statements, and written summaries of supposed revenue streams to present to investors. From 2016 to 2018, they used a system of “hidden circular funds” to cheat on tax documents before they were eventually shut down by the FBI.
Authorities said one employee of DC Solar was told to “make it up” by Karmann when the employee was asked
(Excerpt) Read more at dailywire.com ...
Watermelons.
One down. Many many more to go.
Did Bammy hold any ownership?
All of “green” is a racket at bottom.
Unfortunately the same green energy scammers have had access to our politicians, energy policy, tax code, investment banks, and Whitehouse, for a while now. On scale, this guy is chump change compared to Blackrock and China.
In the “way back” machine.
https://web.archive.org/web/20190215024116/http://www.dcsolarsolutionsmfg.com/
chief financial officer for a now non-existent company
So he steals BILLIONS from thousands of people and get roughly the same sentence as someone who committed a single robbery on the street.
Gotta love the system.
Everyone knew it was a scam except for some filthy hippies and brain-dead Leftist college students.
This is the same punishment for putting your feet up on Nancy Pelosi’s desk.
About 20 years ago I was visiting Palm Springs. The desert floor below it always had strong winds. There was a large field of wind turbines there, most of which were not moving at all despite the wind. I asked my relative who lived there what the story was and he grimaced and said that it was due to an outfit that bilked investors out of millions of dollars.
Everything that is always new again.
“What is a ‘now non-existent company? Anyone? Anyone at all? Bueller?”
One that does not now exist!
All of “green” is a racket at bottom.
Democrats?
“Unfortunately the same green energy scammers have had access to our politicians...”
The politicians that promote this crap are gonefs themselves and in on the scam.
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