Lubbock man charged with $50 million or more in wire fraud - KCBD NewsChannel 11 Lubbock

Lubbock man charged with $50 million or more in wire fraud

Jeff and Crissy Gunselman Jeff and Crissy Gunselman
LUBBOCK, TX (KCBD) -

A Lubbock man is accused of wire fraud worth $50 million or more. A criminal complaint was issued last week against Jeffrey Gunselman, the CEO of Lubbock-based Absolute Fuels. The company also had operations in Lamb, Castro, and Gonzales Counties.

An agent with the United States Secret Service signed the complaint. He says Gunselman created false RINs or Renewable Energy Credits from January 2010 to October 2011. The RINs are valuable because federal law requires companies to use a certain amount of renewable fuels. Those that can't can instead purchase RINs or Renewable Identification Numbers from companies that make renewable fuels or companies that have leftover credits.

"Gunselman, and each corporate defendant, falsely generated and sold enough RINs to defraud in excess of $50,000,000," the complaint says.

The complaint goes on to say that Gunselman "obtained money through the wire fraud scheme and used it to purchase real and personal luxury property and commodities in excess of $30,000,000."

Federal agents raided the Absolute Fuels office, 2500 74th Street, in October of 2011 after a joint Secret Service and EPA investigation that had been going on since May 2011.

Although Absolute Fuels did attempt the creation of bio-fuels at its Lamb County facility, the production manager is quoted by investigators as saying none of it could pass quality standards to be sold.

After the raid, court records documented some of the lavish items that Gunselman owned: 11 vehicles, including a 2011 Bentley, and a Shelby Cobra 427, a home in Boerne worth $2.65 million, and a private jet worth $2.5 million.

The complaint lists 23 instances where Gunselman is accused of using the Internet to commit acts of wire fraud. Each count of wire fraud can carry a maximum penalty of 20 years in prison.

The most recent court documentation does not mention Guneslman's wife, but previous court records showed that Criselda "Crissy" Gunselman received a bi-weekly paycheck from Absolute Fuels for $3,500.

Copyright 2012 KCBD. All rights reserved.

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