Reporter Marita Noon lifts the lid on various cases of biofuel fraud in the US.
America’s rush to renewables has invited corruption and fraud. Researcher Christine Lakatos and I, together, have produced the single largest body of work on green-energy crony-corruption.
Our years of collaboration have revealed that those with special access and influence have cashed in on the various green-energy programs and benefitted from the mandates, rules, and regulations that accompany the huge scheme.
Dozens of the projects, including biofuel, which required the unwitting investment of taxpayer dollars have failed—leaving employees without jobs, buildings without tenants, taxpayers without repayment, and cronies without pain (even snatching hefty bonuses on the way down). Most people know about Solyndra, the first bankruptcy, and some may know about Abengoa, the biggest bankruptcy, but there are many more.
These big projects allowed the politically connected to bilk taxpayers of billions and is the definition of corruption. But, there’s fraud in renewable energy, too—and, while it doesn’t hit us as hard as taxpayers, it does cost us as consumers.
Wednesday, July 20, representing the latest fraudster to be convicted—but not the first and surely not the last—“a jury found an Indiana man guilty of securities fraud and other crimes connected to a massive biodiesel fraud scheme,” reported Greenwire. It turns out, Jeffrey Wilson and his multistate cohorts pretended to manufacture biodiesel, which allowed them to claim renewable fuel credits—known as Renewable Identification Numbers or RINs. The Department of Justice said Wilson’s actions resulted in a $20 million loss to investors, $140 million in revenue, and $56 million in criminal profit.
I know more than most about the corruption surrounding green energy, but I hadn’t followed this. I dug further.
Full report: The Renewable Fuel Standard: “Set Up for Fraud” | Somewhat Reasonable
One fraudster ‘was indicted by a federal grand jury in Texas for lying about producing biodiesel fuel and selling the resulting renewable fuel credits. Reports indicate that he generated some 48 million RINs without actually producing any biodiesel fuel. He’s remembered for using his ill-gotten gain to purchase, among numerous luxury items, a demilitarized Patton tank.’