The couple owned more than 90 cars, at least 20 properties and even a professional baseball team. More from columnist hiltzikm:
Warren Buffett, chairman and CEO of Berkshire Hathaway, at the annual shareholders meeting in Omaha on May 5.
A few days later, when FBI agents showed up at their front door, the Carpoffs’ extravagant life came crashing down. It was an edifice largely built on an alleged fraud — a Ponzi-type scheme, in essence, say federal authorities — that was as elaborate and brazen as their spending habits, officials say., is now out of business, most of its 100-strong workforce unemployed. Their home in Martinez, a sprawling 4,100-square-foot affair, is in foreclosure, the swimming pool littered with leaves.
DC Solar’s precipitous fall is now forcing many of the investors to take charges on tax breaks that they thought were worth millions of dollars. It’s also putting the spotlight on the federal tax credit, which since 2006 has helped fuel solar’s surge from an alternative electrical resource to the U.S. mainstream.
“DC Solar Solutions was an innovative, substantial and credible solar-energy business. It manufactured thousands of mobile solar generators, which were examined and physically delivered,” Segal said in a statement. “Any allegation that there was a Ponzi scheme or anything illegal about the operation of the business is without merit.”
Jeff Carpoff came from an unlikely background to end up hobnobbing with financiers. For years he had been an auto mechanic, eventually running a car-repair company, servicing Land Rover and Jaguar vehicles, according to his LinkedIn page. The Carpoffs also worked to build their profile locally, gaining favorable media coverage of charitable pursuits, such as helping Northern California neighborhoods devastated by wildfires. Their professional baseball team, the Martinez Clippers, played in a city-owned stadium. The team, unaffiliated with Major League Baseball,Meanwhile, the couple was living large.
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