Biodiesel Co. Indicted Over $42M Renewable Credits Scheme

Law360, New York (August 9, 2012, 8:03 PM EDT) -- A federal grand jury in Texas returned a 79-count indictment against the owner of Absolute Fuels LLC on Wednesday, alleging the defunct biodiesel producer generated roughly $42 million in renewable fuel credits without actually producing the necessary amount of fuel to obtain them.

Texas federal prosecutors accuse Jeffrey David Gunselman, Absolute Fuels and related companies of wire fraud, money laundering and making false statements in the process of carrying out a scheme to defraud the U.S. Environmental Protection Agency, brokers, energy companies and others by pretending...
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