Obama-era Solar Company Busted in Billion Dollar Ponzi Scheme

Obama-era Solar Company Busted in Billion Dollar Ponzi Scheme

Renewable energy companies birthed under Barack Obama’s failed alternative energy initiatives have either gone bust or been busted.

Last year, the owner of a big Nevada solar-thermal power plant that received $737 million in loans from the U.S. Department of Energy filed for bankruptcy – that’s an enormous bill sent to U.S. taxpayers.

Solyndra solar power company accepted $535 million loan from his department under the Obama administration’s revamped loan guarantee program in 2009. The money, along with hundreds-of-millions more from private investors, was used to build a facility to mass-produce cylindrical solar “panels.” The entire scheme lasted about two years.

Add to the list DC Solar, a Benicia-based company, who pleaded guilty to charges related to a billion dollar Ponzi scheme. It’s the largest ponzi scheme ever busted in eastern California.

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