Plastics-to-oil firm settles SEC lawsuit
By Editorial Staff, Resource Recycling
Plastic-to-oil conversion firm JBI has announced it has settled a lawsuit with the Federal Securities and Exchange Commission.
The SEC had alleged in its year-old lawsuit that the company violated federal anti-fraud rules when it restated its September 30, 2009 through December 31, 2009 financial statements. As part of the proposed settlement, JBI will pay a civil penalty of $150,000, and its former CEO, John Bordynuik, will pay $110,000. Bordynuik is also barred from any officer or director positions with the company for five years. Since stepping down as company head in May 2012, Bordynuik has served as chief of technology.
Bordynuik was unavailable for comment.