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Former Gen-X Energy CEO Sentenced to 105 Months in Federal Prison For Money Laundering

Estes was a member of a conspiracy involving Gen-X Energy Group, Inc., a renewable energy company formerly located in Pasco and Moses Lake, Washington.

In Washington state, the United States Attorney for the Eastern District of Washington announced that Richard Estes, age 77, of Renton, Washington, was sentenced, after having previously pled guilty on December 16, 2015, to Conspiracy to Commit Money Laundering. United States District Judge Salvador Mendoza, Jr. sentenced Estes to a term of imprisonment of 105 months, to be followed by a three-year term of court supervision after he is released from Federal prison. In addition, Estes was ordered to pay $4,360,724.50 in restitution to the taxpayers of the United States.

According to information disclosed during the court proceedings, Estes was a member of a conspiracy involving Gen-X Energy Group, Inc. (Gen-X), a renewable energy company formerly located in Pasco and Moses Lake, Washington. Between March of 2013 and May of 2014, Estes and his co-conspirators laundered the proceeds of schemes to (1) falsely claim the production of marketable renewable energy credits; and (2) file false claims for refunds of excise credits with the IRS. Throughout this period, much of the renewable fuel claimed to be produced at the Gen-X facilities was either not produced or re-processed multiple times. In total, over $39,000,000 of proceeds of the scheme was laundered through accounts owned or controlled by Estes.

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