We’d hate for anyone to think that we’re fixated on one company, but when we heard about Xethanol Corp.’s latest plan to make ethanol from citrus peels, we had to take a closer look.
Here’s what we found: Xethanol’s new partner, Renewable Spirits LLC of Boca Raton, Fla., was founded and financed by Raymond Scott Stevenson, former vice president of taxation at Tyco International Ltd. Two weeks ago, Stevenson was sentenced to three years in prison after admitting that he deliberately failed to report $170 million of income on Tyco’s 1999 tax return. Letters submitted to the judge on Stevenson’s behalf included one from a U.S. Department of Agriculture scientist who worked with Renewable Spirits on the citrus-to-ethanol technology, attesting to its potential benefits to society. As part of his plea agreement, Stevenson will make a different sort of contribution to society, by paying a $250,000 fine and cooperating in any further Tyco investigations.
Renewable Spirits filed a new annual report with the Florida Division of Corporations this week, listing Stevenson’s wife, Gwenn, as manager. The company also added a new president, Doug Westfall.
