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Posts Tagged ‘Green Energy’

A federal prosecutor said Thursday that the government has recovered only a third of the $9 million that authorities charge a Perry Hall businessman with taking from his customers in a massive biofuel fraud scheme.

Hailey, 33, was charged last week with wire fraud, money laundering and violating the federal Clean Air Act in what could be the beginning of a government crackdown on abuse and fraud in the lucrative trading of renewable fuel credits. Oil companies are required by federal law to either produce a certain quantity of renewable fuels or buy credits to satisfy their quotas.

Authorities charge that Hailey generated more than 21 million gallons’ worth of “renewable identification numbers,” or RINs, for biodiesel, but produced no actual fuel from used restaurant cooking oil, as he claimed. Investigators contend that he spent millions from the sale of bogus credits on a five-bedroom house, a fleet of luxury cars and trucks, and diamond jewelry. If convicted on all three charges, Hailey could receive a combined maximum sentence of 32 years in prison and $750,000 in fines.

I have a feeling we’re going to see a lot more of this kind of thing.

Sigh.

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