NEWS
Indiana Biodiesel Producer Charged
Thu Sep 19, 2013 09:07 AM CDT

STREATOR, Ill. (DTN) -- The Securities and Exchange Commission charged a company in Evansville, Ind., and several executives and suppliers for posing to investors as a legitimate biodiesel production business while concealing the extensive illegal activity that accounted for 99% of its revenues, the SEC said in a news release Wednesday.

The SEC alleges that when Imperial Petroleum purchased Middletown, Ind.-based E-Biofuels LLC as a subsidiary in 2010, E-Biofuels' owners falsely represented that they were producing renewable fuel from raw agricultural products such as soybean oil and chicken fat. E-Biofuels received significant government incentives based on its biodiesel production representations. ...

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