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The Legendary Investor Warren Buffet lost $340 million to a couple and the punishment for fraudsters

It was dubbed the “biggest scam in the history of eastern California” by Judge Phillip Talbert.

Jeff Carpoff, the California co-founder of a solar energy firm, was recently sentenced to 30 years in jail for fraud. This Ponzi scam, which has a potential value of one billion dollars, has attracted many prominent investors, including the legendary investor Warren Buffett.

The mega- fraudster Jeff Carpoff

Source: Tommy Kan

According to Bloomberg, from 2015 to 2018, Berkshire Hathaway spent up to $ 340 million for the “renewable energy company” DC Solar of the couple Jeff and Paulette Carpoff. DC Solar received investment capital through sophisticated structured funds, which DC Solar advertises as tax breaks for investing in renewable energy. Other investors include insurance company Progressive Corp, East West Bancorp, Valley National Bancorp, paint manufacturer Sherwin-Williams and some big banks like JPMorgan and Bank of America.

According to the investigation agency’s conclusion, in fact, DC Solar only produces and leases a very small number of generators compared to the 17,000 that it promoted. Instead, DC Solar uses the newly raised money to repay old investors. Judge Phillip Talbert called it the biggest scam in eastern California history.

DC Solar’s solar generator.

Source: Tommy Kan

The investigation agency also stated that it retrieved around $120 million and intends to refund it to investors. Carpoff had many properties seized, including a collection of supercars that had been auctioned off for more than $8 million.

To improve their reputation, the Carpoff family used the proceeds from their Ponzi scam to purchase a basketball team and sponsor a Nascar race. They have also acquired many luxurious houses in California, Nevada, the Caribbean, and Mexico, as well as chartered a private plane and purchased jewels.

Source: BoombergQuint

Source: BloombergQuint

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