Posted: Mar 29, 2013 11:08 AM
Updated: Mar 29, 2013 11:08 AM
LUBBOCK, Texas (AP) A West Texas businessman has been sentenced to more than 15 years in federal prison for his role in a $42 million biodiesel scam.
Jeffrey David Gunselman was sentenced by U.S. District Judge Sam Cummings on 51 counts of wire fraud and 24 counts of money laundering.
The Lubbock resident pleaded guilty in December to those charges as well as four counts of making false statements in violation of the Clean Air Act.
The 30-year-old Gunselman orchestrated a scheme that sold federal renewable fuel credits to oil refiners and brokers without making the biodiesel to go with the credits.
Some of the proceeds went to buy a $2.65 million house, a $1.6 million Gulfstream G3 jet and $166,720 in San Antonio Spurs season tickets.