OceanConnect sues EPA over RIN fraud role

In Washington, trading firm OceanConnect who deals in RINs, has sued the EPA in federal court claiming that the agency has failed to respond to RIN fraud in such a way that would ensure the integrity of the industry, undermining the growth opportunities for biofuels. The company has accused the EPA of not doing due diligence on Clean Green Fuel, from whom it bought 27.7 million credits and then sold them on to oil majors who are now on the hook with the EPA for trying to use fake credits.

In the meantime, the EPA has settled “modest penalties” with 30 companies who bought fake RINs. In addition to the fines, companies will also have to buy new, valid RINs worth about $49 million to make up for the fake ones.