Founder of sustainable fuel company charged with embezzling $5.9 million
May 9, 2023
The U.S. Department of Justice (DOJ) alleges that Bryan Sherbacow fraudulently transferred company funds to a personal bank account and used the money for private expenses.
Bryan Sherbacow, founder and former CEO of sustainable fuel company Alder Fuels, has been indicted by a federal grand jury in Washington, D.C., for embezzling at least $5.9 million from his company. The U.S. Department of Justice (DOJ) alleges that Sherbacow fraudulently transferred company funds to a personal bank account and used the money for private expenses. Sherbacow used altered bank statements and other forged documents to conceal his scheme. He then used this money on a myriad of expensive items, including a vintage Mercedes-Benz sports car, a Range Rover sport utility vehicle, a downpayment on a condo, and payments to an art auction operator.
According to the DOJ, Sherbacow is charged with three counts of wire fraud and two counts of engaging in monetary transactions in property derived from specified unlawful activity. These charges include a maximum penalty of 20 years in prison.
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