{"id":1318,"date":"2013-09-18T16:24:26","date_gmt":"2013-09-18T16:24:26","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/09\/imperial_petroleum_charged_by_1"},"modified":"2022-03-10T16:36:57","modified_gmt":"2022-03-10T22:36:57","slug":"imperial-petroleum-charged-by-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/imperial-petroleum-charged-by-1\/","title":{"rendered":"Imperial Petroleum Charged by SEC with Defrauding Investors"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission is charging Imperial Petroleum and a number of its executives and suppliers with involvement in an alleged renewable fuel production scheme. The complaint names the Indiana-based company, its CEO Jeffrey Wilson, three ex-owners of E-Biofuels, and New Jersey-located companies Cima Green LLC, Caravan Trading LLC, and CIMA Energy Group, as well as their operators.<\/p>\n

The SEC is accusing them of presenting themselves to investors as a legitimate biodiesel production business while concealing the illegal activity that was going on, which was the source of 99% of the revenue. Imperial Petroleum bought E-Biofuels as a subsidiary in 2010, and the Commission said that the latter’s owners falsely presented that they were making renewable fuel from raw agricultural products. This let E-Biofuels receive government incentives based on such representations when, actually, contends the regulator, E-Biofuels had middlemen purchase finished biodiesel while making these buys appear on bogus invoices as raw feedstock for producing biodiesel. Imperial Petroleum’s subsidiary later would sell the biodiesel that was bought for up to double what it paid. <\/p>\n

The regulator believes that Wilson discovered that E-Biofuels wasn’t making biodiesel from raw matter, he let the fraud continue and Imperial’s yearly revenue rose from $1 million to over $100 million. Meantime, its stock price flew upward as investors were falsely told that E-Biofuels was engaged in environmentally friendly biodiesel production. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission is charging Imperial Petroleum and a number of its executives and suppliers with involvement in an alleged renewable fuel production scheme. The complaint names the Indiana-based company, its CEO Jeffrey Wilson, three ex-owners of E-Biofuels, and New Jersey-located companies Cima Green LLC, Caravan Trading LLC, and CIMA Energy Group, as […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3738,3801,3760],"tags":[],"class_list":["post-1318","post","type-post","status-publish","format-standard","hentry","category-investor-fraud","category-sec","category-sec-enforcement"],"yoast_head":"\nImperial Petroleum Charged by SEC with Defrauding Investors — Investor Lawyers Blog — September 18, 2013<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission is charging Imperial Petroleum and a number of its executives and suppliers with involvement in an alleged — September 18, 2013\" \/>\n<meta name=\"robots\" content=\"index, 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