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When it comes to classic figures in the stock market, who do you think of? I believe most people would think of Warren Buffett, the so-called "Oracle of Omaha," right? The reason Buffett is called the "Stock God" is not without reason. He started buying stocks at the age of 11 and later became the first person in history to become a billionaire through securities investment. But even the "God" himself fell victim to a Ponzi scheme involving new energy. And the ones who cheated him were a couple of auto mechanics!
Jeff Carpoff was originally just an auto mechanic. When he learned about the possibility of using solar equipment to provide tax credits, he and his wife devised a scheme and founded a company called DC Solar (DCSolar). The company originally produced a type of Mobile Solar Generator (MSG) that could be freely installed on trailers. However, in the company's promotion, they claimed that this solar generator could provide emergency power for cellphone towers and sports event lighting. The Carpoff couple used concepts of new energy and tax credits to sell products of DC Solar to investors. They promised investors to purchase the company's generator units to obtain federal tax credits for new energy, and then leased the equipment back to the company to generate high returns.
At the same time, the Carpoff couple exaggerated the number of generator units produced by the company, claiming at one point that the company had produced and sold as many as 17,000 units of mobile solar generators. In addition, the Carpoff couple used false financial reports and lease contracts to cover up the truth, creating a false image of a booming business for investors. The Carpoff couple and their accomplices later used a Ponzi scheme-like circular payment method to commit accounting and leasing income fraud, using the money from new investors to repay old investors. Surprisingly, the Carpoff couple's solar energy company managed to deceive the "Stock God" Buffett, causing his company to lose $340 million in this investment.
The wheels of justice turn slowly but surely. After nearly 8 years and involving 35 investment funds, with a fraudulent amount close to $1 billion, the masterminds, the Carpoff couple, were finally arrested. They pleaded guilty to wire fraud and money laundering in court and were sentenced to 30 and 15 years in prison, respectively. More than 150 sports cars and over 30 properties owned by them were confiscated. After reading this, I suddenly thought of a saying, "The truth can't be faked, and the fake can't be true." No matter how beautiful the illusion is, it can never become the truth. What do you think? |
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Post time 22-12-2023 14:03:18