DOJ: Biodiesel RIN fraud case cost victims $100 million
Here's how the scam allegedly worked. The first step, as described by the Latin American Herald Tribune, is understanding that the US government, through the Energy Independence and Security Act (EISA) of 2007 gives an incentive – a $1-per-gallon tax credit – to the first entity to blend 100 percent biodiesel (B100) with petroleum. These gallons could also get sold with renewable identification numbers (RINs), and they were more valuable if they were. The trick is that one of the companies involved, E-Biofuels from Middletown, IN, allegedly bought B99 without a RIN but then resold it as B100 with a RIN, making a tidy profit by lying about the content of the fuel. The people involved were taken into custody and could face up to 20 years in prison if found guilty.
- Cars that are the most likely to be in accidents
- Why you should consider a certified used car
- Find and compare 2017 Models
From Our Partners
Oscar Mayer plumps up Wienerfleet with Wienermini, Wiener Rover, Wienercycle and WienerdroneWatch Video