Close this search box.
Blog » News » Former CEO of Sustainable Fuel Company sentenced for $20m embezzlement

Former CEO of Sustainable Fuel Company sentenced for $20m embezzlement

Man in suit cooks book

The founder and former CEO of Sustainable Fuel Company, Alder Fuels, has been sentenced for embezzlement and investor fraud.

Bryan Sherbacow, 55, of South Carolina and Washington, D.C., received his sentence after the lengthy case ended. He will now face three years behind bars for an exorbitant and cavalier approach to handling company funds and for betraying investor confidence.

Alder Fuels head sentenced

Sherbacow’s fraudulent activities, which were initially discovered when he was found to have siphoned money from the company’s funds into his personal accounts, have devastated the company’s financial health and trust among its shareholders.

He also made many purchases via the company books for items that would rarely be termed a business expense.

According to the Department of Justice report, the former CEO shamelessly used the company’s funds for his personal luxuries, including a “vintage Mercedes-Benz sports car, a Range Rover sport utility vehicle, payments to an art auction operator, personal tax liens, personal credit card payments, rent payments on personal residences, payment to a beach club, electronics, and a down payment on a condo.”

To cover his tracks, Sherbacow resorted to altering bank statements and company documents. He then audaciously shared these falsified records with the company board and an outside accounting firm, betraying the trust placed in him.

Sherbacow also misled investors, showing them false and fabricated bank statements on multiple occasions. The DOJ found that he “intentionally removed transactions showing transfers from the company bank account to his personal bank account and falsified account balance information to make it appear that the company possessed more cash on hand than it possessed, due in part to Sherbacow’s unauthorized transfer of funds.”

He would also sell three investors down the river for $15 million and coerce an investor into lending the shattered company money. Sherbacow had initially pleaded guilty to wire fraud, which could carry a twenty-year stint.

However, he will remain incarcerated for three years after the sentencing for his crimes. This is a lenient approach compared to the time he could have spent behind bars for embezzling at least $5.9 million and defrauding several investors out of approximately $15 million.

Image: Ideogram.


About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Financial News Writer and Editor
Brian-Damien Morgan, an accomplished journalist and features writer, boasts a rich career that has evolved across various media platforms. With extensive experience in the print sector of several UK newspapers, Brian transitioned seamlessly into the realm of digital broadcasting and specialized financial content creation. Brian now focuses on finance, technology, legal matters, and the wide spectrum of money-related topics.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More