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CALIFORNIA ELECTRICIAN ORDERED TO PAY $481 MILLION FOR SCAM
AppleMagazine
|November 19, 2021
A California electrician was ordered to pay $481.3 million in restitution as part of his sentence for participating in a $1 billion Ponzi schemed that suckered Warren Buffett’s Berkshire Hathaway Inc., among many others.
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Joseph W. Bayliss, 46, of Martinez, was sentenced to three years in federal prison on top of the restitution.
He was an electrician who prosecutors say was hired by Benicia-based DC Solar to pose as a licensed engineer to inspect new mobile solar generator units that were mounted on trailers.
The company marketed the generators between 2011 and 2018 as being able to provide emergency power for cellphone companies or to provide lighting at sporting and other events.
But the owners started telling investors they could benefit from federal tax credits by leasing the generators back to DC Solar, which would then provide them to other companies for their use, prosecutors say.
यह कहानी AppleMagazine के November 19, 2021 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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