Friday, October 30, 2020

Colorado Man Found Guilty in $7 Million Biodiesel Tax Credit Fraud


A federal jury in Denver, Colo., found Martin Fields guilty of conspiracy to defraud the United States, conspiracy to commit money laundering, making false claims against the United States, and money laundering, announced Principal Deputy Assistant Attorney General Richard Zuckerman of the Justice Department’s Tax Division.

According to the evidence presented at trial, Fields, along with Matthew Taylor, Calvin Glover, and others, filed false claims for tax credits (tax credit fraud) under a federal program that encourages the production and use of renewable fuels.

To accomplish the scheme, Fields and his coconspirators created a fake company, Shintan Inc., that purported to be in the business of creating renewable biodiesel fuel.

From 2010 to 2013, Fields and his coconspirators filed documents with the Internal Revenue Service (IRS) claiming more than $7.2 million in tax credits for production of renewable fuel. In fact, however, Shintan produced no qualifying renewable fuel, and the documents filed with the IRS were false.

- Advertisement -

To avoid detection, Fields and his coconspirators laundered the fraudulently obtained funds through bank accounts belonging to Shintan and other shell companies. As a result of the scheme, Fields personally received at least $1.8 million.

Fields’s co-conspirators, Taylor and Glover, previously pleaded guilty — Taylor to money laundering and money laundering conspiracy and Glover to conspiracy to defraud the IRS.

Sentencing is scheduled for Feb. 7. Fields faces a maximum sentence of five years in prison for conspiracy to defraud the government and for each false claim count, and 10 years in prison for money laundering conspiracy and each money laundering count. He also faces a period of supervised release, restitution and monetary penalties.

- Advertisement -
- Advertisement -


Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Former Jacksonville City Council members set for sentencing in fraud case

Former Jacksonville City Council members Katrina Brown and Reggie Brown are scheduled to be in federal court Tuesday to begin a hearing on their...

Actress Felicity Huffman complete full sentence for role in college admissions scam

Felicity Huffman has completed her full sentence for her involvement in the college admissions scandal. As of Sunday, she has finished her sentence, which included jail...

Former Columbus mayor Eisenga charged with bank fraud

A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...

Former solicitors used 60 fake identities, homeless people to defraud banks

A married couple who are former solicitors created 60 false identities, donned disguises and paid homeless people for their PPS numbers in order to...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks