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SACRAMENTO, Calif. — An owner of DC Solar, a Benicia-based company, was sentenced today for a billion-dollar Ponzi scheme— the biggest criminal fraud scheme in the history of the Eastern District of California, Acting U.S. Attorney Phillip A. Talbert announced.
Bank fraud, as defined in 18 U.S.C. § 1344, involves any scheme to defraud a bank and carries a maximum sentence of up to 30 years in prison and a fine of up to $1 million. If mail or wire fraud involves a financial institution or is connected to a presidentially declared major disaster, the maximum prison term can increase to 30 years.
It was the largest criminal fraud scheme in the history of the district, which includes Sacramento and Fresno. According to prosecutors, from 2011 to 2018, DC Solar manufactured mobile solar generator units and, because they used solar energy, buyers could obtain federal tax credits. The reality was much different, authorities say.
Fraud is a form of intentional deception for personal or financial gain. The length of a prison sentence for a conviction is not a fixed number, as it varies based on the specifics of the crime and the laws under which the case is prosecuted. The final sentence reflects a complex calculation of these factors.