Chip Ganassi Racing Duped In Billion Dollar Ponzi Scheme
The co-owners of DC Solar Solutions, Inc. plead guilty on Friday to charges associated with running a one billion dollar Ponzi scheme. Jeff and Paulette Carpoff (along with five others who have/will plead guilty) acknowledged that between 2011 and 2018 they sold investors mobile solar generator units (MSGs) that did not exist and manipulated documentation (think: financial statements, lease contracts) to make it appear as if the units had been leased out and were in use. New funds were used to pay the scam’s earliest investors and to make several sports related purchases including; NASCAR sponsorships, an independent league baseball team and a luxury box at Raiders games. When the the criminal fraud scheme - the largest in the history of California’s Eastern District - went bust in December 2018, it forced Chip Ganassi Racing (CGR) to shutter its Xfinity series team for the 2019 season and resulted in Martinez, California’s baseball club closing operations after just a single season.
