Indicted Biofuel Co. Sold Phony Biofuel Credits, EPA Says

Law360, New York (December 18, 2013, 4:19 PM EST) -- An Indiana oil and gas producer facing criminal charges and Securities Exchange Commission allegations over an alleged $100 million biofuel scam was dinged by the U.S. Environmental Protection Agency on Wednesday for allegedly generating and selling more than 33 million invalid renewable fuel credits without producing biofuel.

The EPA hit Imperial Petroleum Inc. and its subsidiary E-biofuels LLC with a notice of violation of the federal Renewable Fuels Standard program, which requires that a certain amount of renewable fuels be blended into the U.S. fuel supply...
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