Imperial Petroleum fined nearly $32 million for SEC fraud

In Indiana, the legal legacy of E-biofuels’ fraud regarding tax credit and government incentives continues with its parent company Imperial Petroleum ordered by a district court judge last week to pay nearly $32 million including interest to the Securities and Exchange Commission for failing to reply to an enforcement action in 2012 related to the scam. The scam saw people lose more than $100 million in the alleged project. Imperial’s former president as well as E-biofuels’ co-founders were sentenced to prison in 2016.