Biodiesel Scammers Sentenced to PrisonPosted: Updated:
The chief executive officer and a co-owner of a former biodiesel business are behind bars for fraud. The office of the United States Attorney for the Southern District of Indiana says Jeffrey Wilson and Craig Ducey will serve 10 years and more than six years, respectively, for their roles in cheating investors and purchasers out of millions of dollars.
Wilson and Ducey join five others who have received federal jail time for a scheme involving tax credits for biodiesel, renewable fuel credits and shares of a previously publicly-traded company called Imperial Petroleum Inc. The charges show the seven were involved in defrauding the government and investors out of incentives and money in plans Assistant Attorney General John Cruden says have "set renewable fuel efforts back for the entire nation." He continued "at a time when Americans should have been working together to have clean, sustainable and safe energy, the defendants chose to line their own pockets. Prison is the appropriate consequence."
The U.S. Department of Justice says the fraud started when Wilson knowingly moved forward on a deal involving e-biofuels LLC, which was set to be sold to Imperial Petroleum, which was faking incentives paperwork for fuel it had not actually produced. Wilson was also sentenced to jail for multiple other infractions. Ducey's role involved wire, tax and environmental crimes that the office says "were hidden by the securities fraud (he was not charged with securities fraud)."
You can read more about the crime and sentencing here:
Tax Planning: Now’s the Time to Tackle It!
Year-end is still months away, but smart investors have already begun their tax planning. Spending time analyzing your capital-gain situation could benefit you come next April 15th, no matter what investment vehicles you use - individual securities, mutual funds, exchange traded funds, or others. Here's how…
Most Popular Stories
Indy Hotels Among Top in Midwest
Three Indianapolis hotels are among Condé Nast Traveler's Top 25 Hotels in the Midwest. The rankings include two hotels that have made the list three years in a row and one making its debut. The JW Marriott Indianapolis ranks third on this year's list, followed by The Conrad, which is eighth and Ironworks Hotels appearing on the list for the first time at number 17. You can see the full rankings by...
Ambrose Amps up Ambition For Old GM Stamping Site
An Indianapolis-based developer has greatly expanded its original investment plans for the city's former GM Stamping Plant site. Ambrose Property Group's vision now includes projects totaling nearly $1.4 billion, more than doubling the $550 million scope detailed last year. During a community event Friday, the company and Mayor Joe Hogsett announced the name of the more than 100-acre, downtown district: Waterside. Plans now call for...
Indy Airport Scores Top Honor Again
Indianapolis International Airport has again been named Best Airport in the United States by a global leisure publication. The Condé Nast Traveler recognition is the fifth straight for IND. The Best Airport designation is part of Traveler's annual Readers Choice Awards, which is built on feedback from more than 100,000 comments and millions of ratings. In addition to airports, favorites were tallied for hotels, resorts and destinations.
Daniels Envisions Purdue, Region as 'Cooler Place'
Purdue University President Mitch Daniels says a more than $1 billion live, work, play development on the West Lafayette campus will be a magnet for attracting and keeping top talent in the region. The Discovery Park District is part of a 30-year vision to transform the west side of the Purdue campus and create a "preeminent environment" for educational, economic, cultural and community activities in the region.
NTN Driveshaft Proposing $90M Expansion
NTN Driveshaft Inc. in Columbus is planning a $90 million expansion. In a tax abatement request with the Bartholomew County city, the automotive component supplier said the investment will lead to 74 new jobs and help retain a current full-time workforce of nearly 1,600. NTN Driveshaft is one of the largest employers in Columbus and last year, it opened a more than $140 million facility in Anderson. It launched operations in Bartholomew County in 1989 and says...