Ex-CEO to Alder Fuel, Bryan Sherbacow, from Charleston, South Carolina, Pleaded Guilty To Wire Fraud in a Plot to Steal Over $5.9 Million from the Corporation & Defraud Investors Out of $15 million.

Sherbacow pleaded guilty to one count of wire fraud and is set to be sentenced on May 16, facing a maximum penalty of 20 years in prison. The sentence will be determined by a federal district court judge considering the U.S. Sentencing Guidelines and other factors.

The founder and former CEO of a sustainable fuel company admitted guilt for wire fraud in a scheme to embezzle over $5.9 million from the company and defraud several investors of $15 million.

Between 2021 and 2022, Bryan Sherbacow, 55, from Charleston, South Carolina, and Washington, D.C., deceived the company he helped establish by transferring company funds without authorization to his personal bank account and making unauthorized personal expenditures from a company bank account.

To conceal his actions, Sherbacow altered bank statements and other financial records, which he sent to the company’s outside accounting firm and board members. The embezzled funds were used for personal expenses, including luxury vehicles, art auctions, tax liens, credit card payments, rent, beach club fees, electronics, and a condo down payment.

Sherbacow also falsified financial records to raise additional funds for the company, sending altered bank statements to prospective and current investors. For instance, he removed transactions showing transfers to his personal account and altered account balance information to make it seem the company had more cash than it did. Three investors collectively invested approximately $15 million based on this false information.

Sherbacow pleaded guilty to one count of wire fraud and is set to be sentenced on May 16, facing a maximum penalty of 20 years in prison. The sentence will be determined by a federal district court judge considering the U.S. Sentencing Guidelines and other factors.

The announcement was made by Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division and Assistant Director in Charge David Sundberg of the FBI Washington Field Office.

The FBI Washington Field Office and the Defense Criminal Investigative Service, Charleston Resident Agency are conducting the investigation, and Trial Attorney Kyle Crawford of the Criminal Division’s Fraud Section is prosecuting the case.

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