Christopher Burdett, Fort Pierce, Florida, pleaded guilty to conspiracy for his role in a scheme to produce and sell fraudulent renewable fuel credits, known as RINs.
Burdett owned a biofuel company in Fort Pierce that “claimed to turn various feedstocks into biodiesel. ”However, when reporting to the IRS [Internal Revenue Service] and the EPA the number of gallons they produced, Burdett and his company vastly overstated their production volume to generate more credits,” a Justice Department news release said.
The scheme generated over $7 million in fraudulent Renewable Identification Numbers, or RINs, and sought more than $6 million in fraudulent tax credits “connected to the purported production of biodiesel,” DOJ said.
Burdett has yet to be sentenced. The conspiracy charge he pled guilty to carries a maximum penalty of five years in prison and a $250,000 fine.
