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Burned by Solar
Description
In the era of climate change, it isn’t just about saving the planet using sustainable methods of energy, it’s about making a fortune from sustainable methods of energy. In this episode, Caleb and Greg discuss the story of DC Solar, a manufacturer of mobile solar generators.
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- (00:00) - Introduction to the Unlikely Innovator
- (01:00) - Listener Reviews and Reactions
- (02:16) - Jeff Karpoff's Early Life and Struggles
- (09:19) - The Birth of DC Solar
- (12:27) - The Solar Eclipse Generator
- (13:36) - Hollywood's Interest and Initial Success
- (25:21) - Cracks in the Business Model
- (29:30) - The Ponzi Scheme Unveiled
- (30:58) - Jeff Karpoff's Extravagant Lifestyle
- (32:47) - NASCAR Sponsorship and DC Solar's Rise
- (35:18) - The IRS and Investor Scrutiny
- (36:29) - Bogus Reports and Fake Leases
- (38:18) - Massive Deals and Manufacturing Issues
- (39:49) - Fraudulent Practices Unveiled
- (53:02) - The Whistleblower and Legal Consequences
- (56:57) - The Aftermath and Loose Ends
- (58:30) - Lessons Learned and Final Thoughts
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CONNECT WITH THE HOSTS
Greg Kyte, CPA
Twitter: https://twitter.com/gregkyte
LinkedIn: https://www.linkedin.com/in/gregkyte/
Caleb Newquist
Twitter: https://twitter.com/cnewquist
LinkedIn: https://www.linkedin.com/in/calebnewquist/
Email us at ohmyfraud@earmarkcpe.com
Sources:
- The Billion-Dollar Ponzi Scheme That Hooked Warren Buffett and the U.S. Treasury [The Atlantic]
- Massive $1 billion solar power ponzi scheme results in the largest single-owner car collection ever auctioned by the U.S. Marshals Service — including Burt Reynolds’ Trans Am [AP]
- Obama Administration Announces Columbus, OH Winner of the $40 Million Smart City Challenge to Pioneer the Future of Transportation [WH]
- Federal agents raid home, business of Martinez resident [Martinez News-G