Texas Firm MUREX Hit with $15M+ Penalty in Ethanol Fraud

NEW ORLEANS – The rot runs deep. Plano, Texas-based MUREX MANAGEMENT, INC. (“MMI”) has admitted guilt and been slapped with a $15,745,846.10 penalty for its role in a brazen scheme to defraud financial institutions, including the now-defunct New Orleans institution, First NBC Bank. The sentencing, handed down by U.S. District Judge Carl J. Barbier on June 10, 2025, saw MMI immediately fork over the full amount as part of a plea deal. This isn’t about a slip-up; it’s about calculated deception with devastating consequences.

The scheme, laid bare in court documents, involved MMI acting as the management company and affiliate of Murex LLC, an ethanol marketing and logistics outfit. Working in concert with “Company A” – a U.S. subsidiary of a foreign, publicly traded entity – MMI cooked up a fraudulent “buy/sell” strategy starting in 2013. As Company A’s finances spiraled, they sought a way to artificially inflate cash flow. The solution? Fictitious ethanol sales, meticulously crafted invoices, and a New Orleans-based online marketplace ripe for exploitation.

Here’s how the con worked: MMI and Company A created fake invoices, claiming ethanol sales that *never happened*. These bogus accounts receivable were then peddled to unsuspecting buyers, including FDIC-insured banks like First NBC. The goal was simple: funnel cash to Company A and line MMI’s pockets. Between October 28, 2013, and September 18, 2015, the pair orchestrated approximately $1.2 billion in fraudulent transactions, netting MMI a tidy profit of around $6,073,049. But the house of cards eventually crumbled. Company A defaulted on its debts, leaving financial institutions holding the bag.

The fallout was substantial. First NBC Bank took a hit of approximately $73,073,683.05, while a North Carolina-based bank suffered losses of around $8,330,427.02. MMI‘s plea agreement included a $6,073,049.24 fine, $4,263,145.30 in restitution to the FDIC as Receiver for First NBC Bank, and $5,409,651.56 to the North Carolina bank’s successor. A mandatory $400 special assessment fee was also levied. This isn’t just about money; it’s about the deliberate undermining of the financial system.

“The conclusion of this case sends a clear message,” stated Acting U.S. Attorney Michael M. Simpson. “Entities that engage in fraudulent schemes to manipulate and damage the security of our nation’s banking system will be held accountable.” The investigation was a collaborative effort, with the FDIC Office of Inspector General and the EPA’s Criminal Investigation Division playing key roles. Robert De Los Santos, Acting Special Agent in Charge of the FDIC OIG Dallas Region, emphasized their commitment to holding corporate offenders accountable. Special Agent in Charge Kimberly Bahney of the EPA’s Southwest Branch highlighted the $15 million+ in restitution and penalties secured through the joint operation.

This case serves as a stark reminder that financial crimes, no matter how complex, will be pursued. The Eastern District of Louisiana, and federal partners nationwide, are watching. The price of greed, as MUREX MANAGEMENT, INC. has learned, can be exceedingly high. The damage to First NBC Bank and other institutions is a testament to the real-world consequences of white-collar corruption.