Yet another Green scam.
Executives at E-Biofuels in Indiana have been living the good life. Driving around in Italian sports cars, buying Picassos and blinging themselves out in diamonds. Where did they get the money? They didn't get it from being economically productive and creating wealth, they got it by scamming the taxpaying suckers.
The scam works like this: They buy low-grade biofuel, switch the labels then mark up the prices as high-grade fuel. Then they cash in on government incentives intended to encourage premium biofuel production.
And they're not the only people doing it either. People are getting busted for this sort of thing left, right and center.
Since the US government's biofuel mandate is a scam in itself that means these guys are scamming the scam. Policies like this are raising global food prices, which is great for sparking off revolutions and insurgencies in poor countries.
Executives at E-Biofuels in Indiana have been living the good life. Driving around in Italian sports cars, buying Picassos and blinging themselves out in diamonds. Where did they get the money? They didn't get it from being economically productive and creating wealth, they got it by scamming the taxpaying suckers.
Quote:
Federal officials say an Indiana-based biofuels company cheated investors and taxpayers out of more than $100 million in what U.S. Attorney Joe Hogsett called the largest tax and securities fraud scheme in Indiana history. |
The scam works like this: They buy low-grade biofuel, switch the labels then mark up the prices as high-grade fuel. Then they cash in on government incentives intended to encourage premium biofuel production.
And they're not the only people doing it either. People are getting busted for this sort of thing left, right and center.
Quote:
Evans said this fraud case is similar to cases in Texas and Maryland, where two other biofuel company executives also fraudulently collected on tax incentives. The CEO of Lubbock, Texas-based Absolute Fuels was sentenced to 15 years in federal prison this April, while the head of Maryland-based Clean Green Fuel was sentenced to more than 12 years in February. |
Since the US government's biofuel mandate is a scam in itself that means these guys are scamming the scam. Policies like this are raising global food prices, which is great for sparking off revolutions and insurgencies in poor countries.
via JREF Forum http://forums.randi.org/showthread.php?t=265593&goto=newpost
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