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Closing arguments in Md. renewable energy trial

Monday - 6/25/2012, 2:32am  ET

BALTIMORE (AP) - Jurors are scheduled to hear closing arguments in the case of a Maryland man accused of selling $9.1 million in fraudulent renewable energy credits.

Closing arguments begin Monday morning in federal court in Baltimore in the trial of Rodney Hailey. Prosecutors say Hailey sold credits for biodiesel that his company didn't produce, using the money to buy cars, property and jewelry. Prosecutors say nearly $3 million of cash and property has been identified and if Hailey is convicted of fraud and money laundering they will seek its return.

The defense says there was no fraud because traders knew the credits were fraudulent.

The case is one of several that have roiled the market for the credits and led to calls for a review of the Environmental Protection Agency program.


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