Texas man indicted in biodiesel fuel fraud case - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Texas man indicted in biodiesel fuel fraud case

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LUBBOCK, Texas (AP) — A Texas businessman has been indicted on 79 counts in a $42 million biodiesel fuel fraud investigation.

A federal grand jury in Lubbock returned the indictments Wednesday against former Absolute Fuels chief executive officer Jeffrey David Gunselman. The 31-page document accuses him of wire fraud, money laundering and making false statements. A message left with his attorney wasn't returned.

Gunselman's free on $100,000 bond after his July 19 arrest after more than a year of federal scrutiny.

Prosecutors say Gunselman sold federal renewable fuel credits to oil refiners and brokers without making the biodiesel to go with the credits. They say he used proceeds to buy a $2.65 million house, a $1.6 million Gulfstream G3 jet and $166,720 in San Antonio Spurs season tickets.