"A California attorney on Tuesday pleaded guilty a week before he was set to face trial on criminal charges stemming from his role in an estimated $912 million Ponzi scheme involving California solar power supply company DC Solar.Ari Lauer pleaded guilty before U.S. District Judge Dale Drozd in Sacramento to 23 counts, including bank fraud and wire fraud affecting a financial institution."
"The finer details of the scheme reads like one of those " You have two cows " entries. Over the span of about 7 years DC Solar entered contracts promising to sell solar generators. Totally fine at face value, but things go south pretty quickly once you realize DC only actually had about half of the 17,000 or so generators they promised to sell and padded out the numbers that didn't add up with fraud."
Ari Lauer pleaded guilty to 23 counts, including bank fraud and wire fraud, related to a roughly $912 million Ponzi scheme tied to DC Solar. DC Solar entered contracts over about seven years promising approximately 17,000 solar generators while actually possessing about half that number and inflating figures through fraudulent documents. Company executives padded numbers and created misleading paperwork to conceal shortages and perpetuate sales. Owners Paulette and Jeff Carpoff received lengthy prison terms and significant restitution orders. Lauer faces sentencing on January 26, potential prison time, and likely loss of his law license.
Read at Above the Law
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