Bryan Sherbacow, the founder and former CEO of Alder Renewables, has been sentenced to three years in prison for embezzling company funds.
Alder, formerly known as Alder Fuels, claims its technology can utilize non-food biomass sources — sustainable woody residues, agricultural byproducts, and next-generation energy crops like miscanthus — to create renewable products, including SAF, low-carbon marine and transport fuels, and bio-based chemicals.
Sherbacow embezzled around $5.9m and defrauded four investors out of $16m, according to Justice Department prosecutors.
“With the funds, he purchased a waterfront South Carolina condo, a vintage Mercedes-Benz sports car, a Range Rover, personal tax liens and made payments for credit cards, rent, a beach club, auctioned for art and more,” according to a report in Courthouse News.
“In order to cover up his activities, he sent fabricated bank statements and other falsified financial records to a third-party accounting firm and members of the company’s board,” the report added. “He defrauded investors to raise additional funds by sending them false and misleading financial information.”
