Biodiesel huckster will give up Picasso, Renoir to Feds
Furando pleaded guilty to involvement in a scheme to defraud US taxpayers as part of a renewable fuels scheme. A company called e-biofuels in New Jersey claimed tax benefits from the production of biodiesel that it didn't actually create, instead purchasing it from Furando, who had already claimed those same tax benefits.
In lieu of a monetary payback from funds that we assume Furando no longer possesses, the US Federal Government is instead seizing valuable property from the man that includes artwork from Picasso, Renoir, Nieman, Miro, and Salvador Dali. Also confiscated were several pieces of jewelry, Rolex and Patek Phillippe watches, two Orange County Choppers (which probably aren't worth too much these days) and a massive custom home worth $3.5 million.
Several co-conspirators have already or are soon expected to plead guilty to similar charges.
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