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AP National Business

California man gets 30 years in prison for $1B Ponzi scheme

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Published 6:55 PM

By DON THOMPSON
Associated Press

SACRAMENTO, Calif. (AP) — The owner of a San Francisco Bay Area solar energy company has been sentenced to 30 years in federal prison for an audacious Ponzi scheme that defrauded investors of $1 billion. Jeff Carpoff received the maximum penalty Tuesday after pleading guilty last year to conspiracy to commit wire fraud and money laundering. Paulette Carpoff faces up to 15 years in prison after pleading guilty at the same time. The couple agreed to forfeit more than $120 million in assets, such as luxury homes and a fleet of collector cars including the 1978 Firebird previously owned by late actor Burt Reynolds. 

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