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

Asahi Kasei breaks ground on Alabama compounding plant

September 29, 2014 5:39 pm ET

Asahi Kasei Plastics North America will be able to solve two problems at once with a new compounding plant in Athens, Ala.    More

Image

Material Insights: Vladimir Putin helps open Russian PVC plant

September 29, 2014 2:44 pm ET

Plus, we take an in-depth look at several resin pricing changes, along with news from LyondellBasell.    More

Image

DuPont shifting Teflon production in China

September 29, 2014 2:35 pm ET

DuPont Co. will spend more than $15 million to improve its fluoropolymer product offerings in China.    More

Image

Sale of PVC maker Oltchim still in limbo

September 29, 2014 10:25 am ET

Fresh attempts to privatize insolvent Romanian PVC producer Oltchim SA have met with new obstacles as the European Union questioned the Romanian...    More

Image

Recycling group releases shrink sleeve label guidelines

September 26, 2014 4:02 pm ET

A post-consumer plastics recycling trade group is out with a set of recommendations to help guide the packaging industry on the use of shrink sleeve l...    More

Market Reports

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 industry analysis highlights macro industry trends and micro trends faced by companies that do business in Mexico. The report also provides key industry statistics and forecasts to anticipate future industry expansion.

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

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

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