SEC approves settlement of fraud lawsuit plastic waste-to-fuel firm, CEO

By Kerri Jansen WASTE & RECYCLING NEWS

Published: January 24, 2013 2:05 pm ET
Updated: January 24, 2013 4:30 pm ET

Related to this story

Topics Recycling

NIAGARA FALLS, N.Y. -- The U.S. Securities and Exchange Commission has approved the settlement of a lawsuit against JBI Inc., a clean energy company that recycles waste plastic into fuel, and its former CEO, John Bordynuik, the company announced.

The SEC filed a lawsuit in January 2012 alleging the Niagara Falls company and Bordynuik had reported false and inaccurate information on its financial statements in 2009. Bordynuik has since stepped down from the position.

The settlement, which awaits court approval, would require the company to pay a civil penalty of $150,000 and Bordynuik to pay $110,000, the company said in a news release.

"This is a very positive development in the life of our company, and we are pleased that this matter has been resolved," Kevin Rauber, the company's CEO, said in the release.


Comments

SEC approves settlement of fraud lawsuit plastic waste-to-fuel firm, CEO

By Kerri Jansen WASTE & RECYCLING NEWS

Published: January 24, 2013 2:05 pm ET
Updated: January 24, 2013 4:30 pm ET

Post Your Comments


Back to story


More stories

Image

BASF pre-tax earnings rise, but will miss financial targets for 2015

October 24, 2014 10:16 am ET

BASF SE has raised its expectations for pre-tax earnings in 2014 but warned that it would not hit its financial targets for next year.    More

Image

Sabic, Shell cancel expansion for SADAF joint venture in Saudi Arabia

October 24, 2014 9:19 am ET

Saudi Basic Industries Corp. and Royal Dutch Shell have cancelled plans to expand an existing petrochemical joint venture in Saudi Arabia following...    More

Image

Sadara CEO says Middle East now has 20 percent of global ethylene capacity

October 24, 2014 9:33 am ET

Sadara CEO Ziad Al-Labban claims that the Middle East's ethylene capacity is now 20 percent of global production.    More

Image

PolyOne increases quarterly profits despite falling sales

October 23, 2014 4:55 pm ET

North American compounding leader PolyOne Corp. saw its third-quarter profit increase, even as sales fell vs. the year-ago period.    More

Image

FTC warns bag makers to take care before making biodegradeability claims

October 23, 2014 12:30 pm ET

Makers of oxodegradable or oxo-biodegradable plastic bags should consider themselves on notice, according to the U.S. Federal Trade Commission.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events