Fraud Friday: Solar Ponzi scheme - Spidell

Fraud Friday: Solar Ponzi scheme


A California solar company got burned for engaging in a $1 billion Ponzi scheme that fooled investors like Berkshire Hathaway and Sherwin-Williams. The company built mobile solar generators, which investors purchased at a reduced cost. The company would then lease the generators to end-users to pay down the remainder and any profit would go to the investors. Instead, the generators weren’t leased, investors were paid from money coming in from new investors, and the company owners were living large off the profits. A former employee tipped off federal authorities, and the owners have pleaded guilty to money laundering and conspiracy to commit wire fraud. (https://www.justice.gov/usao-edca/pr/top-executives-plead-guilty-participating-billion-dollar-ponzi-scheme-biggest-criminal)

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