from the innovations-in-financial-engineering dept.
SolarCity, a company Tesla acquired in Nov. 2016, has agreed to pay $29.5 million to resolve allegations that it lied to the government by submitting inflated claims to cash in on a solar stimulus program, the Department of Justice announced Friday.
SolarCity has agreed to drop charges it had against the US government as part of the settlement, which is not an admission of guilt. The settlement is a SolarCity obligation, a SolarCity representative told Business Insider.
The investigation centered on a program — Section 1603 — set up under the Obama administration that was meant to encourage solar adoption by subsidizing installation costs. The program allowed solar companies to receive a federal grant that was equal to 30% of the cost to install or acquire solar systems.
The Justice Department alleges that SolarCity made thousands of claims that overstated the costs of its installations, allowing it to receive inflated grant payments. It has been probing SolarCity and several other solar companies since 2012.
Source: Business Insider
SolarCity was founded in 2006 by brothers Peter and Lyndon Rive, based on a suggestion for a solar company concept by their cousin, Elon Musk, who is the chairman and helped start the company. The Rive brothers left SolarCity earlier this year.
(Score: 4, Informative) by Whoever on Saturday September 23 2017, @04:21PM (2 children)
I think the term is "defrauded".
(Score: 0) by Anonymous Coward on Saturday September 23 2017, @04:31PM
I think the term is "Taxpayer paid bonus".
(Score: 2) by driven on Saturday September 23 2017, @05:03PM
"Gravy Train"
(Score: 3, Informative) by frojack on Saturday September 23 2017, @06:24PM
Musk transferred something from his left pocket to his right pocket. He previously owned both, and merely consolidate them about the time he started is giga factory to service rooftop solar as well as cars.
No, you are mistaken. I've always had this sig.
(Score: 0) by Anonymous Coward on Sunday September 24 2017, @04:00PM
Do you know how many government workers you could have had assassinated with that kind of money? When will these companies grow a pair?