The Carpoffs just like other Ponzi scheme operators used investors’ money to live a luxurious life. They acquired real estate in the Caribbean, Lake Tahoe, California, Nevada, and Mexico. They also purchased a NASCAR racecar sponsorship, a minor league baseball team, and a private jet.
Furthermore, the Carpoffs acquired 148 luxury and collector vehicles including a 1978 Thundirdbird previously owned by actor Burt Reynolds.
The government forfeited $120 million assets including the luxury and collector vehicles owned by the Carpoffs. It will seek authorization to use the money to provide restitution to the victims of the Ponzi scheme.
“Jeff Carpoff orchestrated the largest criminal fraud scheme in the history of the Eastern District of California. He claimed to be an innovator in alternative energy, but he was really just stealing money from investors and costing the American taxpayer hundreds of millions in tax credits, ” said Acting U.S. Attorney Talbert in a statement.
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