LUBBOCK, Texas (AP) — A West Texas businessman has pleaded guilty to dozens of federal fraud and money laundering counts relating to a $42 million biodiesel fuel fraud investigation.
Jeffrey David Gunselman pleaded guilty in federal court in Lubbock on Friday to 51 wire fraud counts and 24 of money laundering. He also pleaded guilty to four counts of making false statements in violation of the Clean Air Act.
Each wire fraud count is punishable by up to 20 years in prison, while each money-laundering count carries a 10-year maximum prison sentence. No sentencing date has been set.
Court documents show the former Absolute Fuels chief executive sold federal renewable fuel credits to oil refiners and brokers without making the biodiesel to go with them.