According to its website, DC Solar manufactured solar generators that could be deployed at construction sites, at outdoor festivals and in response to disasters to provide lighting or other power needs.
But bankruptcy documents, as well as an affidavit by an FBI special agent that was part of a forfeiture filing against the company's owners, allege that the company's investors were paid with other investors' money, and not from earnings or tax credits generated through the sale or lease of its products.
Hancock Whitney didn't specifically disclose how it came to be embroiled in the alleged scheme. On page 130 of its 138-page annual financial filing last month, it said that bank officials learned of the alleged fraud in February, the same month that DC Solar filed for bankruptcy protection.
Thursday, April 18, 2019
Golden age of grifting
So much money chasing money which is in turn chasing vaporware. It's a wonder this doesn't happen more often.
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