Trader pleads guilty in fraudulent fuel credits scheme - U.S. Justice Department

Reuters News
Posted: Oct 23, 2017 8:13 PM

WASHINGTON (Reuters) - The owner of a company that buys and sells renewable fuel and fuel credits pleaded guilty to conspiracy for his role in a scheme that generated more than $47 million in fraudulent renewable fuels credits from the Environmental Protection Agency, the U.S. Justice Department said on Monday.

The scheme also generated more than $12 million in fraudulent tax credits connected to the purported production of renewable fuel, the Justice Department said in a statement.

Gregory Schnabel entered his plea in U.S. District Court for the Southern District of Ohio, it said.

(Reporting by Mohammad Zargham; Editing by Sandra Maler)