Feds Charge 7 People In $100M Biodiesel Tax Fraud

Law360, Los Angeles (September 18, 2013, 6:37 PM EDT) -- The U.S. Department of Justice and Indiana federal prosecutors have charged seven individuals for allegedly cheating renewable energy company investors and the government in a $100 million tax and securities fraud scheme ranking as the biggest in Indiana history, they announced Wednesday.

The government claims that when Imperial Petroleum Inc. bought Indiana-based E-Biofuels LLC in 2010, Imperial falsely told its investors that E-Biofuels was producing biodiesel from animal fat and vegetable oils, qualifying for tax incentives. Instead, E-Biofuels was buying the product from third parties and...
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