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DC Solar accused of operating Ponzi-scheme to defraud investors

An affidavit buried among hundreds of pages of bankruptcy documents for former NASCAR team sponsor DC Solar reveals a complicated corporate structure that utilized new investors to pay off old investors in what FBI agents have described as an $800-plus million Ponzi scheme, Kickin’ the Tires has discovered. In the affidavit, FBI special agent Christopher Phillips stated that he recognized the flow of investor money from a company that manufacturers mobile solar generators (MSG) to a firm responsible for leasing those units to third parties and then from that company to investments funds as permitting DC Solar owner Jeff Carpoff and others to conceal the absence of third-party leases. That process created the appearance that the mobile solar generators were generating lease revenue when they were not, Phillips stated.(Kickin the Tires)(2-25-2019)