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DC Solar founders to plead guilty to charges related to $1 billion Ponzi scheme

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Thirteen months after the Federal Bureau of Investigation and Internal Revenue Service raided the headquarters of DC Solar and the home of its founders, Jeff and Paulette Carpoff, the couple has entered plea agreements related to a $1 billion Ponzi scheme, the impact of which saw Chip Ganassi Racing close its Xfinity Series program in 2019.

Jeff Carpoff has agreed to plead guilty to one count each of wire fraud and money laundering while Paulette Carpoff will plead guilty to one count each of conspiracy and money laundering.

According to the plea agreements filed with the Eastern District of California, the government will recommend an initial sentence of 30 years in prison for Jeff Carpoff and 15 years for Paulette Carpoff prior to any co-operation they provide with the case.

The agreement outlines a Ponzi scheme that operated from March 2011 to December 2018, ending with the raids on the Carpoff’s residence in Martinez, California, and DC Solar’s headquarters in Benicia, California.

DC Solar was a company that built and leased solar energy equipment and also sponsored Chip Ganassi Racing in the Cup and Xfinity Series. It was the primary or co-primary sponsor for Kyle Larson in 16 Cup races and for three races with Jamie McMurray in 2018. It also sponsored 10 Xfinity races with Ganassi and announced in November 2018 it would sponsor Ross Chastain’s full-time ride in 2019.

It also sponsored Xfinity Series races in 2018 at Phoenix Raceway and Las Vegas Motor Speedway and the infield “FanGrounds” at Richmond Raceway.

In the wake of the raids and the company filing for bankruptcy in January 2019, CGR was forced to close its Xfinity operation.

During the nearly eight-year scheme, the plea agreement says the Carpoffs used the money generated from it to buy their NASCAR sponsorships, 150 luxury and collectible vehicles and luxury real estate in Lake Tahoe, Las Vegas, the Caribbean and Mexico.

They also purchased a suite at a professional football stadium, a subscription private jet service, the Martinez (California) Clippers minor league baseball team and a 2018 performance by an internationally known rapper at a company holiday party.

Funds were also used to make illicit payments to their co-conspirators and others.

As part of their respective plea agreements, the Carpoffs have agreed to pay restitution to their victims, totaling between $800 million and $1.6 billion.

Jim France bullish on the future: ‘We’re getting some momentum back’

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DAYTONA BEACH, Fla. – In a rare interview Friday, NASCAR CEO and chairman Jim France said he’s bullish about the momentum of his racing series, particularly since last year’s ISC merger.

“Very much so,” France said when asked if he’s looking forward to the return of stock cars to Daytona International Speedway next month for Speedweeks. The Daytona 500 will kick off the Cup Series season Feb. 16.

“We’re coming off of a very good year I felt like last year where we’re really getting some momentum back,” France said. “It’s exciting now going into this coming year.”

Much of the focus has been on the discussions around a possible revamping of the 2021 schedule.

“(NASCAR President) Steve Phelps is working diligently on that,” France said with a laugh. “There’ll be announcements coming in the not-too-distant future.”

France said last year’s merger of NASCAR and International Speedway Corp., which had been publicly traded before the deal, provides more flexibility on the schedule.

“It makes a big difference,” he said. “It gives us an opportunity to respond quicker to the changing environment out here with the economy and all the things that are going on that impact motorsports. It was a major big step that we needed to make probably for quite a while.”

France spoke with a small group of reporters after a major news conference at Daytona involving the IMSA Series that will create a bridge for the premier sports car classes at Daytona and Le Mans.

“The way I view it is if you ever catch the Ferrari vs. Ford movie where the cars went back and forth with Le Mans, that’s the era that we’re getting ready to enter into here is my optimistic hope,” said France, who is also the chairman of IMSA.

Kaz Grala returning to Richard Childress Racing for select Xfinity races

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Kaz Grala will return to compete for Richard Childress Racing in the Xfinity Series this year in select races, the team announced Friday.

Grala, 21, will be one of three drivers to pilot the No. 21 Chevrolet during the full season, joining Myatt Snider and Anthony Alfredo.

Grala made five starts in the No. 21 in 2019, earning a best result of fifth at Road America.

“I learned a lot as a driver working with RCR last year, so I feel confident that our existing chemistry as a team will lead to even better results in the NASCAR Xfinity Series this season,” Grala said in a press release. “RCR’s Xfinity Series program is top-notch, and with the No. 21 car running all year, I am excited to be a part of the team chasing yet another owner’s championship. I’m very grateful to Richard Childress for giving me this opportunity to further my career.”

No sponsors were part of the announcement.

“Kaz showed quite a bit of speed and promise in the No. 21 car last year for RCR,” Richard Childress said in a press release. “I’m confident the results will show in 2020, especially after a year under his belt in our proven Xfinity program.”

Speedy Cash expands deal with Front Row Motorsports, John Hunter Nemechek

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After sponsoring John Hunter Nemechek in two of his first three Cup Series starts last year, Speed Cash has expanded its backing of Nemechek for the 2020 season, Front Row Motorsports announced Friday.

Speedy Cash, an omni-channel financial services provider specializing in short-term loans, will be on Nemechek’s No. 38 Ford for multiple races, including events at Las Vegas Motor Speedway, Kansas Speedway and Talladega Superspeedway.

It will serve as an associate sponsor throughout the year for both Nemechek and Michael McDowell and his No. 34 Ford Mustang team.

Speedy Cash sponsored Nemechek last November in his Cup debut at Texas Motor Speedway and in the season finale at Miami. Nemechek finished 21st at Texas, the best of his three starts filling in for Matt Tifft in the No. 36 Ford after he stepped out of the car due to suffering a seizure.

Nemechek will be part of a deep rookie class in Cup this year after he raced full-time for GMS Racing in the Xfinity Series in 2019.

“As a driver, partnerships like this one with Speedy Cash are so important to our entire team,” Nemechek said in a press release. “It’s always great to see partners expanding their involvement in the sport. For me, Speedy Cash is pretty cool. If you need cash, there are so many easy ways you can get it using their services. I enjoyed getting to know them in the last few races of the 2019 season and we’re going to work hard to make them proud in 2020.”

 

Friday 5: As season nears, a bigger deadline looms for NASCAR

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While the Cup garage opens in two weeks at Daytona International Speedway to begin the 2020 season, a bigger deadline is looming.

It is less than 10 weeks from NASCAR President Steve Phelps’ self-imposed deadline of announcing the 2021 schedule around April 1.

Phelps made it clear in November what will be key elements to the upcoming schedule.

“We’re looking at where we’re going to have the most competitive racing that we can have, where we’re going to have full grandstands, and what does that market look like, is it a new market that we can service,” Phelps said the morning of last season’s finale in Miami.

Tracks that host Cup races — now mostly owned by NASCAR — were put on notice by Phelps’ comments.

“The two things that teams need: We need butts in seats and eyeballs on the TV,” said Steve Newmark, Roush Fenway Racing president, this week.

He stated how important attendance is for teams by noting the growth at Watkins Glen International, which had its fifth consecutive sellout of grandstand seating last year.

Fans at Watkins Glen in 2019. (Photo by Sean Gardner/Getty Images)

“When I started in 2010, we didn’t take a lot of partners to Watkins Glen,” Newmark said of sponsors. “Now you take a partner to Watkins Glen in a heartbeat. It is sold out, the energy there. I understand the capacity at Watkins Glen is not the same but it has this feeling, and I think really what we’re trying from a team perspective, from a Roush Fenway perspective, that’s the most important thing.

“I want to go to areas that embrace having the race, that people show up in the stands, that there is a lot of energy. That’s where I want to take my partners. I want them to see their brand in that type of setting.

“Some venues can do that with two races. Other venues it’s been more of a struggle. I would love to see us try these new venues. There will be an energy around that.”

Among Newmark’s suggestions of where NASCAR should consider racing at some point: “Mexico, Canada, street courses, different road courses, different short tracks, look at it all.”

Ryan Newman, who enters his second year at Roush Fenway Racing, said that NASCAR should consider running a Cup race on dirt.

“I’m not trying to bash anybody, we just can’t keep doing the same things we’ve been doing,” he said this week. “We just can’t. We’ve got to mix it up as a sport. We’re working on doing that and I know that.

NASCAR Trucks at Eldora Speedway in 2019. (Photo by Matt Sullivan/Getty Images)

“But we’ve got to mix it up and make the fans want to see something different, want to see something new. A different driver. A different venue. A different type of anything. Not just a Next Gen car, that’s a part of it. … Going dirt racing can be done with the Next Gen car. If Junior Johnson was here, he’d tell you, ‘Let’s go race dirt.’ I’m telling you.”

Only the Truck series races on dirt, competing at Eldora Speedway. Cup last raced on a dirt track Sept. 30, 1970 at the North Carolina State Fairgrounds in Raleigh, North Carolina. Richard Petty won that race.

As the sport continues to evolve — adding a night race at Martinsville, a doubleheader weekend at Pocono, and the debut of the Next Gen car next season — the makeup of the schedule in the coming years will be among the biggest tasks for NASCAR officials.

2. A big deal

After winning the Chili Bowl for the first time in 13 attempts, Kyle Larson said moments after the triumph on the MavTV broadcast: “Its a pretty different range of emotions 365 days later. I feel like I’m going to pass out. I’m sorry NASCAR, I’m sorry Daytona, but this is the biggest (expletive) race I’ve ever won. I hope to win Daytona in a few weeks but this is bad ass.”

Larson, who lost the Chili Bowl the previous year on the last lap, later explained his comment in his press conference.

“It will be fun to watch the dirt fans and the NASCAR fans go at it and maybe get a text from (NASCAR’s Steve) O’Donnell and probably (Chip Ganassi Racing chief operating officer) Doug Duchardt,” Larson said.

“I think they understand the energy that this race brings to me and how much I want to win and have wanted to win it. Obviously, I’ve said in the past that the Chili Bowl, to me, is bigger than the Daytona 500. Obviously, it’s not just because of the size of the crowd and the purse of the Daytona 500, nothing compares with that I’ve raced in.

“On a personal level, just how close I’ve been to winning this race, I think that’s where I think this race has meant more to me. But now maybe after winning the Chili Bowl, the Daytona 500 will be that next race that’s going to mean the most to me that I want to win. It’s just been a great little run and hopefully we can turn this into some good momentum into the NASCAR season.”

Ryan Newman, who competed at the Chili Bowl Nationals for the first time, defended Larson’s excitement with winning that event.

“There’s 360 drivers, 360 teams going for one trophy. That’s spectacular,” Newman said. “I raced midgets races before where I won and there were 16 cars that entered and I felt really good about it. Going back to the Kyle Larson (comment), when there’s 360 (drivers) and you have been working … your whole life to get that trophy, it makes it special. It makes it more special than anybody who is out of his shoes to understand.”

3. Memorable win

NASCAR’s test this week on the Indy road course for the Xfinity Series will give those drivers a chance to accomplish a first — be the first Xfinity driver to win on that circuit.

Brad Keselowski after winning the 2012 Nationwide race at Indianapolis. (Photo by Sean Gardner/Getty Images for NASCAR)

Brad Keselowski won the first Xfinity race at Indy (it was known as the Nationwide Series at the time) in 2012. That remains a special accomplishment.

“It sticks with you,” he told NBC Sports. “I’m proud of it. … It makes me … a little sad because I don’t get to compete in that series anymore with all the rules, it’s not feasible. So there is a little bit of sorrow I have with that question (of winning there) but it certainly was a defining moment for my career.”

Keselowski also won the final Xfinity race at Lucas Oil Raceway — where the series competed from 1982-2011 before moving to Indianapolis Motor Speedway.

4. 15 and counting …

Call it a good sign for some, an omen for others or one crazy coincidence but each of the past 15 Cup champions have had an even-number car number.

The last driver to win the championship with an odd number on the car was Kurt Busch. He won the 2004 title (the inaugural Chase) driving the No. 97 car.

So, if one believes in signs, the even-number streak could be a bad sign this season for drivers with odd numbers, such as Busch (No. 1), Chase Elliott (No. 9), Denny Hamlin (No. 11) and Martin Truex Jr. (No. 19) among others.

5. NASCAR at Rolex

Kyle Busch is the only active Cup driver competing in this weekend’s Rolex 24 at Daytona International Speedway (coverage will be on NBC, NBCSN and NBC Gold: Track Pass), today’s IMSA Michelin Pilot Challenge will have some additional NASCAR flavor.

MORE: A “crucial” year for Hailie Deegan’s career begins today at Daytona

MORE: Full Rolex 24 Hours coverage at MotorSportsTalk

The four-hour endurance race begins at 1:10 pm. ET (and will be streamed on the NBC Gold: Track Pass) and includes Xfinity drivers Chase Briscoe and Austin Cindric. Also competing will be Hailie Deegan, who moved from Toyota’s development program to Ford’s in the offseason. She’ll spend most of her time this season running in the ARCA Series. Deegan and Briscoe will co-drive the No. 22 Multimatic Motorsports Ford Mustang GT4.