Lubbock man jailed in biodiesel fuel fraud case

August 16, 2012 2:54:10 AM PDT
A West Texas businessman indicted on 79 counts in a $42 million biodiesel fuel fraud investigation has reported to jail.

Jeffrey David Gunselman was booked into the Lubbock County Jail on Wednesday. No bond has been set.

A federal grand jury in Lubbock indicted the former Absolute Fuels chief executive officer on counts of wire fraud, money laundering and making false statements.

Prosecutors say Gunselman sold federal renewable fuel credits to oil refiners and brokers without making the biodiesel to go with the credits. They say he used proceeds to buy a $2.65 million house, a $1.6 million Gulfstream G3 jet and $166,720 in San Antonio Spurs season tickets.

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