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

PolyOne designs and colors its global strategy

May 23, 2013 4:09 pm ET

GUANGZHOU, CHINA — PolyOne Corp. officials at Chinaplas launched a new color and design services business, highlighted recent applications of...    More

Dow's sustainability manager looks at big picture for package design

May 23, 2013 3:22 pm ET

NEW ORLEANS — You can make a package from recycled material, reduce the weight by 50 percent and ensure that it’s reusable. But...    More

Image

Prime Plastic pursues scrap for recycling

May 23, 2013 3:15 pm ET

VISTA, CALIF. — Prime Plastic Products Inc. is not waiting for recycling sources to show up — it's going to them.    More

Students’ solvent aims to cut landfill volume

May 23, 2013 3:13 pm ET

BOULDER,COLO. -- A patent-pending process designed to help plastic waste decompose within three years in landfills is the idea fueling Inviroment LLC,...    More

Recycler introduces technology to United States

May 23, 2013 3:09 pm ET

SOUTH GATE, CALIF. — This time last year, Verdeco Recycling Inc. didn’t even have equipment up and running at its South Gate, Calif., plan...    More

Upcoming Plastics News Events

June 4, 2013 - June 5, 2013Workforce Solutions West 2013

September 17, 2013 - September 18, 2013Plastics Caps & Closures 2013

November 12, 2013 - November 14, 2013Plastics Building Innovations 2013 Conference

More Events

Market Reports

Recyclers & Brokers and Custom Compounders (Full Ranking and List) 2013

Access data on 224 recyclers including volume, percent reprocessed versus brokered, percent post-consumer versus post-industrial, and materials re-processed, as well as data on 237 compounders including materials processed and compounds manufactured.

Learn more

Thermoformed Packaging 2013 Market Review and Outlook - North America

Plastics News' experts analyze North American thermoformed packaging sector performance and prospects for future growth. View analysis of processors operating within this segment as well as perspectives from industry though leaders on economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand and manufacturing technology.

Learn more