Biofuels ex-CEO caught green-handed
Profits from biofuels are hard to come by at the best of times, but one biofuels company’s ex-CEO has been selling green property on the black market.
The former CEO of biofuel company Alabama-based American Bio-Fuels has been charged for felony first-degree theft of property after selling illegal Renewable Identification Numbers (RINs).
The charge was a result of a report made by an owner of American Bio-fuels in July that claimed Sobrado was selling illegal RINS to Paquin Energy & Fuel based in Keller, Texas.
Sobrado allegedly sold $54, 915 (€38,059) worth of the fake RINS to Paquin Energy & Fuel in June and July. American Bio-Fuels went out of business in June.
RINs are 38-digit serial numbers assigned by biofuels producers to each gallon of fuel produced. They are used by the EPA to track that the gallons set forth in the Renewable Fuels Standard each year are met.
This year, the mandate set the amount of biofuels to be blended at 11 billion gallons.
Each RIN is priced on average at $0.10, so more than $1 billion worth of RINs will be produced this year.
The former CEO of biofuel company Alabama-based American Bio-Fuels has been charged for felony first-degree theft of property after selling illegal Renewable Identification Numbers (RINs).
The charge was a result of a report made by an owner of American Bio-fuels in July that claimed Sobrado was selling illegal RINS to Paquin Energy & Fuel based in Keller, Texas.
Sobrado allegedly sold $54, 915 (€38,059) worth of the fake RINS to Paquin Energy & Fuel in June and July. American Bio-Fuels went out of business in June.
RINs are 38-digit serial numbers assigned by biofuels producers to each gallon of fuel produced. They are used by the EPA to track that the gallons set forth in the Renewable Fuels Standard each year are met.
This year, the mandate set the amount of biofuels to be blended at 11 billion gallons.
Each RIN is priced on average at $0.10, so more than $1 billion worth of RINs will be produced this year.
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