SEC Accuses Imperial Petroleum Of $100M Biofuel Scam

Law360, New York (September 18, 2013, 4:31 PM EDT) -- Federal authorities on Wednesday charged an Indiana oil and gas producer with scamming investors and the government into thinking its now-defunct subsidiary made its own biodiesel, allowing it to bilk more than $100 million from fuel sales and receive various government incentives and tax credits.

Imperial Petroleum Inc., its subsidiary, E-biofuels LLC, and six individuals were indicted Wednesday for allegedly tricking shareholders and the U.S. government into thinking that E-biofuels produced its own environmentally-friendly fuel, according to authorities. The indictments, as well as a separate complaint...
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