OceanConnect LLC, a trading firm that accidentally sold millions of dollars worth of fake biofuel credits, has filed for bankruptcy, increasing pressure on environmental regulators to fix the fraud that’s infected that market, the Wall Street Journal reported on Saturday. OceanConnect filed for chapter 7 protection on Friday, facing a handful of lawsuits from top gasoline refiners who have demanded to be reimbursed after purchasing the fake credits through OceanConnect’s brokerage operations. OceanConnect said in court papers that it ended last year with a $1.7 million loss. In its bankruptcy petition, the company said that it still had about $350,000 worth of biofuel credits in hand.
