Former Alder Fuels CEO Gets Prison Sentence

Bryan Sherbacow, the founder and former CEO of sustainable fuel company Alder Fuels (now Alder Renewables), was recently sentenced to three years in prison after pleading guilty in February to wire fraud charges.

According to the U.S. Department of Justice (DOJ), between 2021 and 2022 Sherbacow illegally siphoned nearly $6 million from the company by transferring funds to his personal bank account without authorization and by making unauthorized personal expenditures from a company bank account.

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The DOJ noted that he attempted to hide his crimes by emailing altered bank statements and other false documentation to Alder’s accounting firm and company board members. To raise additional funds for the company, Sherbacow authorized false documents to be sent to current and prospective investors. In response to this misleading financial information, three investors collectively invested $15 million.

According to the DOJ, the embezzled funds were used to pay for a vintage Mercedes-Benz sports car, a Range Rover SUV, art auction payments, personal tax liens, personal credit card payments, rent on personal residences, membership to a beach club, and a downpayment on a condominium.