Florida man pleads guilty in Tennessee to Ponzi scheme
NASHVILLE, Tenn. (AP) — A Florida man has pleaded guilty in Tennessee to charges relating to a $28 million Ponzi scheme.
According to the U.S. Attorney’s Office in Nashville, Christopher Warren was the founder and chief investment officer for Clean Energy Advisors. The company was registered in Wyoming with offices in Tennessee, Florida and other locations.
Warren admitted on Friday he falsely told investors that his company owned solar farms throughout the state of North Carolina and that Duke Power had agreed to purchase energy from them.
To hide the fraud, he created phony audited financial statements and made payments to select investors. At least $15 million is still owed to investors.
Warren faces a maximum sentence of 20 years in prison, a maximum fine of $5 million, and three years of supervised release.