⏱ 2 min read
A ruthless $1 billion Ponzi scheme that bilked investors has been brought to a close with the sentencing of Ronald J. Roach, 59, the accountant for DC Solar. Roach was sentenced to 66 months in prison after pleading guilty in 2019.
The scheme, which was operated from California, was a brazen and calculated effort to deceive investors and exploit federal tax incentives. Roach, as the company’s accountant, played a key role in concealing the truth from investors and enabling DC Solar to operate on fabricated financials.
US Attorney Eric Grant praised the meticulous work of investigators, who spent years methodically dismantling the scheme. ‘Today’s sentencing marks the final chapter in an extensive fraud that caused significant loss,’ Grant said.
The investigation was led by the FBI’s Sacramento office, with assistance from IRS-CI, FDIC-OIG, and the US Attorney’s Office. ‘This fraud permeated nearly every level of the company’s criminal operations,’ said FBI Sacramento Special Agent in Charge Sid Patel.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: California
- Location: CA
- Source: DOJ Press Release
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