California's Biggest Ponzi Scheme: Justice Served

0:00The final chapter closed on California's biggest Ponzi scheme ever. Ronald Roach, a 59-year-old accountant from Walnut Creek, just got hit with five and a half years in state prison. He worked for DC Solar, which scammed investors out of $912 million from 2011 to 2018. Roach helped hide the truth by lying about fake lease revenue from their mobile solar generators. The company promised big tax credits for emergency power units on trailers, but investors never got the gear. Instead, DC Solar leased it back and pretended to sub-lease to others, with almost no real demand. Victims got burned hard, losing massive cash on phony returns. Key players based heavy sentences, too, like owner Jeff Karpoff, with 30 years and nearly 800 million in restitution, his wife Paulette. With 11 years and others from 3 to 11 years, plus hundreds of millions more owed back. All aid defendants pleaded guilty, skipping trials after the FBI raided the Karpoff's home in December 2018.

1:05US Attorney Eric Grant called it years of solid detective work, holding fraudsters accountable. This wrap-up shows justice catching up slow, but sure, reminding everyone schemes like this don't pay off in the end. Stay in form with California News today. AI-powered updates. I'm Corey with The Story.