44 Oil Executives and Truck Drivers Were Just Arrested for a Multimillion-Dollar Scam

[Ichingcarpenter]

Dozens of New York City-area energy industry executives and truck drivers were arrested Tuesday as part of a law enforcement probe into a suspected scam on customers.

DNAinfo reports the bust includes over 40 "owners, executives and truck drivers from some of the city's largest fuel oil companies" who police accuse of rigging oil trucks to shortchange customers on heating oil. The alleged scammers, who DNAinfo reported include eight owners of fuel companies and three transportation depots, are accused of scamming developers and city agencies, including police and fire departments and those serving "the homeless and city schoolchildren."

Alleged victims also included the owners of smaller buildings who purchased oil from the companies implicated.

Prosecutors said the trucks were equipped with "diverter valves" that gave fake readouts of how much oil each customer was being delivered, DNAinfo reported. They also allegedly used other tricks to fool measuring devices designed to prevent fraud.

According to the New York Times, nearly a dozen unsealed indictments detail the allegations against the defendants, accusing them of stealing $34 million in oil over the course of a single year, or $18 million annually over the course of the yearslong scheme. The cost to the city was $4 million each year.

Crain's New York Business reported the indictments are the latest in decades of fraud allegations within the city's lucrative heating-oil industry, though previous allegations have mainly involved deliberate dilution of the oil with used oil, diesel and motor oil, or even "sludge residue from boilers."

http://news.yahoo.com/44-oil-executives-truck-drivers-204920300.html

[riversedge]

1. whow.

[marmar]

2. Ever get the feeling that without scams, frauds and usury.......

...... we wouldn't have much of an economy?

[Spitfire of ATJ]

30. It might end up looking like Sweden.

[marmar]

31. I wish.

[B Calm]

3. Are the truck drivers owner operators? How can they blame the truck driver for valves installed by

the company?

[bahrbearian]

4. A diverter valve would need someone to knowingly operate it.

[B Calm]

5. What kind of payout from the company were they paying the truck driver

to complete the scam that the company executives started?

[Lochloosa]

6. Enough to make them do it.

[1StrongBlackMan]

14. I would say, for most, ....

the pay out was continued employment.

[B Calm]

15. My thoughts too!

[JackInGreen]

19. Survey says?!

*DING* Number one response "do it or you're fired and won't work again"

[Lee-Lee]

7. If the valves were operated by the drivers, or even if they were just aware and used the trucks

They are just as guilty.

I am willing to bet they only used "trusted" drivers who then got a kickback.

I can't see how the drivers wouldn't be aware. If you have a 2000 gallon tank and you make a deliveries on one tank to totaling 2400 gallons on the meter, or your meter reads 1000 gallons dispensed and you still have 1200 in the tank it's obvious something is wrong. It would be almost impossible to hide meters that were off to any degree from a driver.

[Renew Deal]

8. It explains towards the end what the drivers were doing.

[Renew Deal]

9. Here is the press release with a lot of info

In some cases whole families were in on it.

http://manhattanda.org/press-release/da-vance-nine-companies-44-defendants-indicted-connection-multimillion-dollar-heating-

[bananas]

23. That gives a list of press releases

were you referring to this one?

http://manhattanda.org/press-release/da-vance-nine-companies-44-defendants-indicted-connection-multimillion-dollar-heating-

DA VANCE: NINE COMPANIES, 44 DEFENDANTS INDICTED IN CONNECTION WITH MULTIMILLION-DOLLAR HEATING OIL INDUSTRY FRAUD

Companies and Truck Drivers Allegedly Billed Customers for More Oil Than Delivered and Resold the Surplus on the Black Market
Defrauded Customers Include Residential, Commercial, and Municipal Buildings Citywide: Schools, Hospitals, Police Precincts, Churches, City of New York

WATCH THE PRESS CONFERENCE

<snip>

[Renew Deal]

24. You're right

Thanks. I updated the link

[TexasBushwhacker]

10. As long as the executives go to prison

I'll be happy. Until the higher ups start spending time in 8 x 10 cells, this shit will continue. Wall Street next.

[FLPanhandle]

11. Sounds like an organized crime families type scam

The mob won't be happy.

[eppur_se_muova]

12. Any connection to Koch Industries ?

Koch has been fined for misreporting the amount of oil taken from its wells.

[Thav]

13. That's not fraud!

That's being competitive! Why do they hate small business?

(Do I need a sarcasm tag?)

[jtuck004]

16. I wonder how many old folks on fixed income froze to death because they couldn't afford

to pay these thieving murderers?

[ananda]

17. Exactly!

What is it about corporate honchos and sociopathy?

I really hope Sanders wins and we can work towards
more equal wealth distribution.

[lonestarnot]

18. What a fucking sad state of affairs.

[yallerdawg]

20. Can you hear it coming?

"Fuhgeddaboudit! A thumb on the scale is just business! Wait until you see what oversight, regulation and criminal prosecution is gonna cost ya!"

[Shrike47]

21. Prediction: drivers go to jail, execs get fined, which the company pays.

[valerief]

22. Cuz FreeDUMB. We know the drill. nt

[joeybee12]

25. Another example of too much government regulation stifling the economy...

Oh wait...never mind.

[vkkv]

27. Yes, a fully Free Market would have prevented this!.......... n/t

[vkkv]

26. This may seem unethical, but...

TAKE THEM OUT AN SHOOT'EM.

[Ichingcarpenter]

28. This is chump change if you really knew

what was going on under the world stage as billions suffer and the media is silent on that story.



$$$$$$Millions?

Try $$$$$ trillions on the world stage.
Criminal Forced Austerity.



For this story.
Every bank involved with this enterprise should be audit too. You know they helped enable this.

[d_legendary1]

29. Jail is for the average worker

Fines are for those who can afford the luxury of not going to jail.