A former energy executive in California who took part in a $1-billion solar power fraud that bilked Warren Buffett’s company and many others was sentenced Tuesday to six years in federal prison and ordered to pay $624 million in restitution.
The company marketed the generators from 2011 to 2018 as being able to provide emergency power for cellphone companies or to provide lighting at sporting and other events. The generators never provided much income, and prosecutors say the company ran a Ponzi scheme, in which early investors were paid with funds from later investors.The company eventually stopped building the mobile generators, and prosecutors say at least half the company’s claimed 17,000 generators didn’t exist.
Source: News Formal (newsformal.com)
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