January 24, 2013
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.