Biofuel scam

A Houston man was arrested for defrauding the government of $29 million by selling renewable fuel credits for biofuel he never produced. Under the Energy Independence and Renewable Fuel Act of 2007 biofuel producers may qualify for credits and receive Renewable Identification Numbers (RIN) for sale to those who need them.  Phillip Joseph Rivkin was charged with selling credits for millions of gallons of biofuels he never produced.

The RIN/REC market is certainly set up to make fraudulent sales somewhat easy.  And exactly why do you need them?

3 responses to “Biofuel scam

  1. Had he produced the biofuels, it would have changed nothing. Congress is just as guilty for setting up the selling of indulgences in the first place.

  2. so let me get this right… the warming scammers got scammed by an indulgences scammer. ha ha ha ha ha. ROFLMAO.

    ain’t Karma a bitch?

  3. Indulgences? I see these ‘credits’ as bribes to the Green Helmets and the Eco-Terroristas to keep them from dragging you to court.

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