SACRAMENTO, Calif. (AP) — A California electrician has been ordered to pay $481.3 million in restitution as part of his sentence for participating in a $1 billion Ponzi scheme.
Joseph Bayliss of Martinez was sentenced Tuesday to three years in federal prison on top of the restitution.
He was hired by Benicia-based DC Solar to pose as a licensed engineer to inspect new mobile solar generator units that were mounted on trailers.
Prosecutors say Bayliss played a key role in covering up the fact that no new generators were being built.
They say he knew his statements were false and would be used to defraud investors. For this, he was paid about $1 million.