WOMAN, HUSBAND SENTENCED TO 11 YEARS OVER $1b SOLAR FRAUD.
Written by AIGBOKHAEBHO OKHUELEIGBE on June 29, 2022
A woman as well as her husband who ran a nearly $1 billion solar investment scam have been sentenced to 11 years and three months in prison, justice officials in California made known on Tuesday.
Paulette Carpoff, 51, had led a vast pyramid scheme with her husband Jeff between 2011 and 2018, attracting almost 20 investors who believed they were financing the development of solar generators.
The couple pleaded guilty in 2020 to a conspiracy to commit wire fraud and money laundering. Jeff Carpoff, who is the husband of Paulette, was sentenced the following year to 30 years in prison.
The couple had raised around $910 million from 17 investors, of the 17,000 solar devices they claimed to have made, at least about half did not exist.
Jeff and Paulette Carpoff kept about $140 million for their personal use, they bought pieces of jewelry and 148 cars — including actor Burt Reynolds’ 1978 Firebird. They purchased a baseball team and luxury real estate for themselves.
Paulette and Jeff Carpoff, are owners of DC Solar Company in Washington.