Trader Testifies In Md. Renewable Energy Trial

BALTIMORE (AP) — A renewable energy credits trader says a Maryland man accused of selling $9.1 million in fraudulent credits told him problems found by another trader were merely paperwork issues.

Trader Kyle Daniels took the stand Wednesday in federal court in Baltimore, where Rodney Hailey is being tried on fraud and money laundering charges. Daniels said another trader noticed Hailey did not have a facility registered to produce biodiesel, but Hailey assured him it was a paperwork issue.

Prosecutor say Hailey never produced the biodiesel required for the credits. The defense says there was no fraud because traders knew the credits were fake. The defense asked Daniels why the other trader continued to buy credits after the problems were uncovered, and Daniels admitted it did not seem to be a good idea.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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