May 13, 2022, United States Bankruptcy Court District of Nevada – Christina W. Lovato, the Chapter 7 trustee (“Trustee”) of Double Jump, Inc. (“Debtor”) files a motion for partial summary judgment against Chip Ganassi Racing and Felix Sabates, Inc. (“Defendants”) seeking a declaration that DC Solar Companies (“DC Solar”) was a conduit for perpetrating a “Ponzi scheme.”
The Trustee motion claims that Jeff Carpoff (with others) orchestrated a “scheme” whereby he used money from new and existing investors to pay old investors, while “misrepresenting” (among other things) that the business generated adequate revenue to pay its obligations, and “looting” DC Solar for his own personal benefit. The Trustee relies on the opinion of its retained expert, Ms. Melissa Davis, along with the “undisputed facts” in concluding that there is “no genuine issue of material fact” that a “Ponzi scheme” was perpetrated through DC Solar.
The case is Lovato v. Chip Ganassi Racing with Felix Sabates, Inc. (In re Double Jump, Inc.), AP No. 21-05073-gs, United States Bankruptcy Court for the District of Nevada.
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Trustee Lovato Accuses Nevada DC Solar Companies of Being a Ponzi Scheme Conduit
By roland jones
rgj@rolandjones.com
Jones & Associates
Trustee Lovato Accuses Nevada DC Solar Companies of Being a Ponzi Scheme Conduit
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May 13, 2022, United States Bankruptcy Court District of Nevada – Christina W. Lovato, the Chapter 7 trustee (“Trustee”) of Double Jump, Inc. (“Debtor”) files a motion for partial summary judgment against Chip Ganassi Racing and Felix Sabates, Inc. (“Defendants”) seeking a declaration that DC Solar Companies (“DC Solar”) was a conduit for perpetrating a “Ponzi scheme.”
The Trustee motion claims that Jeff Carpoff (with others) orchestrated a “scheme” whereby he used money from new and existing investors to pay old investors, while “misrepresenting” (among other things) that the business generated adequate revenue to pay its obligations, and “looting” DC Solar for his own personal benefit. The Trustee relies on the opinion of its retained expert, Ms. Melissa Davis, along with the “undisputed facts” in concluding that there is “no genuine issue of material fact” that a “Ponzi scheme” was perpetrated through DC Solar.
The case is Lovato v. Chip Ganassi Racing with Felix Sabates, Inc. (In re Double Jump, Inc.), AP No. 21-05073-gs, United States Bankruptcy Court for the District of Nevada.
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