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Waste-to-Energy Firm JBI Settles with Securities and Exchange CommissionWaste-to-Energy Firm JBI Settles with Securities and Exchange Commission

Allan Gerlat

January 24, 2013

1 Min Read
Waste-to-Energy Firm JBI Settles with Securities and Exchange Commission

Waste-to-energy company JBI Inc. has settled with the Securities and Exchange Commission (SEC) on fraud charges by the agency.

Under the agreement, for which the SEC is seeking court approval, the company and its former CEO, John Bordynuik, would pay civil penalties of $150,000 and $110,000, respectively, according to a company news release.

The SEC said in an earlier news release that the Niagara Falls, N.Y.-based company reported false and inaccurate information on its financial statements for two reporting periods in 2009. The company overstated certain assets for two private capital raising efforts that brought in more than $8.4 million for JBI, the SEC said.

The SEC filed the lawsuit in January 2012, and Bordynuik stepped down as CEO in May.

JBI recycles waste plastic into liquid fuels through its Plastic2Oil technology.


About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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