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Former Attorney for California Solar Firm Sentenced in $1 Billion Fraud Scheme
Ari Lauer pleaded guilty to 23 felony counts and was sentenced for his role in a Ponzi scheme that involved fake solar generators and defrauded investors including Berkshire Hathaway.
- On Monday, U.S. Attorney Eric Grant announced Ari J. Lauer, 61, former outside counsel for DC Solar, was sentenced to 11 years and five months after pleading guilty to 23 felony counts.
- Between 2011 and 2018, DC Solar, Benicia-based solar company, solicited investors using fraudulent techniques and promoted federal tax credits and lease-back deals, prosecutors said.
- Records show transactions involving 17,000 generators worth about $2.5 billion; prosecutors say about 9,000 non-existent units were part of the scheme raising $759.4 million from investors, with $152.7 million transferred to DC Solar for related transactions.
- U.S. Attorney Eric Grant said the scheme would not have operated without Ari J. Lauer; the California State Bar placed Lauer on involuntary inactive status, and Jeff Carpoff is serving 30 years plus $790.6 million restitution.
- Prosecutors say DC Solar touted trailer-mounted mobile solar generators for emergency power, but conspirators concealed missing third-party lease revenue by moving investor funds, duping Berkshire Hathaway Inc.
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California attorney convicted in DC Solar $1 billion Ponzi scheme gets 11 years in prison
A former San Francisco Bay Area attorney has been sentenced to more than a decade in prison after being convicted in connection with the $1 billion DC Solar Ponzi scheme, prosecutors said.
·United States
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Associated Press News+4 Reposted by 4 other sources
Former attorney for California solar firm sentenced in $1 billion fraud scheme
Federal prosecutors say an attorney for a California solar power company has been sentenced to 11 years and five months in prison for helping orchestrate a $1 billion fraud scheme.
·United States
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Total News Sources8
Leaning Left3Leaning Right0Center5Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
L 38%
C 62%
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