LUBBOCK, Texas (AP) — A West Texas businessman indicted on 79 counts in a $42 million biodiesel fuel fraud investigation has reported to jail.
Jeffrey David Gunselman was booked into the Lubbock County Jail on Wednesday. No bond has been set.
A federal grand jury in Lubbock indicted the former Absolute Fuels chief executive officer on counts of wire fraud, money laundering and making false statements.
http://liarcatchers.com/fraud_investigation.html
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.
