A California man and a Pennsylvania partner allegedly turned defunct businesses into a $52 million pandemic tax credit machine. The IRS mailed the checks. The checks cleared.
Italian prosecutors say more than half a billion euros in state tax credits moved through over sixty shell companies for renovation work that never happened. The scaffolding was the alibi. The state was the mark.
The last defendant in California's largest Ponzi scheme was sentenced this spring. The fraud ran on solar generators most of which were never built, sold to investors who wanted the tax credit and believed the paperwork.
By Elena Ruiz · May 14
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