A Big Green boondoggle

 DailyWire:

Green energy executive Robert A. Karmann, who was the chief financial officer for a now non-existent company, was sentenced to six years in prison on Tuesday for his role in a Ponzi scheme encompassing billions of dollars.

Karmann was also ordered to pay $624 million in restitution for his involvement in fraudulent acts related to the DC Solar company, which made mobile solar generator units. According to the U.S. Attorney’s Office for the Eastern District of California, investors were given “generous federal tax credits” for purchasing the units.

The investors were also falsely told that there would be consistent revenue from the units when in actuality there was not very much demand for the units according to federal authorities.

“DC Solar had instead become a fraud scheme that took new investor money to pay older investors, using circular transactions that were fraudulently disguised to look like real third-party lease revenue,” the Department of Justice explained.

One of the holding companies that invested in the project was Berkshire Hathaway Inc, which is owned by Warren Buffett.

“According to court documents, Karmann and the other co-conspirators, including company founder Jeff Carpoff, carried out an accounting and lease revenue fraud using the Ponzi-like circular payments. Carpoff and others lied to investors about the market demand for DC Solar’s MSGs and its revenue from leasing to third parties,” the feds noted in their announcement of Karmann’s sentencing.
...

There is much more.  The size of the fraud is massive.  I suspect that it was aided and abetted by attacks on the fossil fuel businesses. 

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