Sentence passed on Absolute Fuels fraudster

Full details of the sentence received by Jeffrey Gunselman, the man behind over $40 million (€31.2 million) worth of RIN fraud, have been revealed.

The West Texas native has been sentenced to at least 15 years in prison and ordered to pay out $55 million in restitution by a federal judge.

In a story followed by Biofuels International, Gunselman started a bogus biodiesel company named Absolute Fuels in 2010 and told RIN purchasers to wire monies to his bank account – however he did not have a production facility and he falsely created federal renewable fuels credits until his racket was discovered last year.

Gunselman pleaded guilty last December to 51 counts of wire fraud, 24 counts of money laundering and violation of the federal Clean Air Act.

It has been reported that Gunselman, with his ill gotten gains, purchased a $2.65 million house, several top level cars, a $1.6 million jet and a military tank.