Gunselman booked into Lubbock Co Jail, $40 million fraud case - KCBD NewsChannel 11 Lubbock

Gunselman booked into Lubbock Co Jail, $40 million fraud case

Jeffrey Gunselman, image from Lubbock County S.O. Jeffrey Gunselman, image from Lubbock County S.O.
Jeffrey Gunselman, image from Facebook Jeffrey Gunselman, image from Facebook
LUBBOCK, TX (KCBD) -

The Lubbock man accused of $40 million of wire fraud is back in Lubbock as of Wednesday afternoon. Jeffrey Gunselman, 30, was booked into the Lubbock County Jail at 4:45 PM, according to official records. Gunselman was arrested in July and held in a facility near San Antonio commonly referred to as Wackenhut.

Gunselman and his business Absolute Fuels are accused of creating bogus renewable energy credits and selling the over the Internet. Federal court records say the company attempted to make bio-diesel fuel but it never met quality standards. Gunselman sold the credits anyway, according to the court records.

At the same time Gunselman was living large, with 11 vehicles including a 2011 Bentley, and Shelby Cobra 427.

He had a home in Boerne, near San Antonio, worth $2.65 million. His possessions included an M60 Patton Tank, an anti-aircraft gun, a Vietnam-era flamethrower and WWII-era mortars. Federal agents found more than $23,000 in cash in one of Gunselman's houses.

The company had purchased a private jet worth $2.5 million. Court records also say Gunselman traveled to Switzerland to establish a Swiss financial account.

Also on Wednesday, the U.S. Department of Justice added a Dallas-based Assistant U.S. Attorney, John J. de la Garza III, to the case. Court records said, "de la Garza is not replacing the current AUSA prosecuting the case, but simply being added as forfeiture counsel."

Federal officials have indicated they will try to recover at least some of the $40 million on behalf of the victims by seizing Gunselman's property.

Gunselman has not yet been arraigned so he has not yet pleaded guilty or not guilty. For the moment he cannot post bond to go free. Prosecutors have less than two weeks to file documents before U.S. District Court Judge Sam Cummings as to why Gunselman should remain behind bars. They have previously stated that Gunselman is a flight risk and did not remain in Lubbock County as part of a deal between prosecutors and Gunselman's attorney.

Copyright 2012 KCBD. All rights reserved.

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