LAS VEGAS (CN) - A 64-year-old Las Vegan will spend 10 years in federal prison and must cough up $11 million for defrauding the United States in a biodiesel credit scheme.
James Jariv, 64, fraudulently obtained biodiesel credits and sold them overseas.
Biodiesel credits were created by the Energy Independence and Security Act of 2007. The law provided money to reward businesses for producing and using renewable fuels by awarding them renewable identification numbers, or RINs, that they can sell to other companies to help them meet their regulatory obligations. The program also is intended to reduce pollution.
The credits now are regularly bought and sold. Many crooks have been busted for running scams with them.
Jariv and his co-conspirators claimed credits through three closely held companies in Canada and Nevada that they claimed bought and sold the fuel and RINs to one another, but never made any such fuels.
Jariv on Wednesday was ordered to pay $6,345,831 in restitution and give up $4 million to $6 million in cash and other assets.
Nathan Stoliar, 64, of Australia, was sentenced in April to 2 years in prison and ordered to pay $1.4 million in restitution and forfeit $4 million in cash.
Alex Jariv, 28, pleaded guilty and will be sentenced on Aug. 18.
James Jariv and Stoliar both pleaded guilty to conspiracy, conspiracy to launder money, two counts of wire fraud and one count of making false statements under the Clean Air Act. Alex Jariv pleaded guilty to conspiracy to commit wire fraud, make false statements and launder money.
Prosecutors seized millions of dollars from their bank accounts, jewelry, and real property in Nevada and California.
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