Citron Exposes one of the LargestClean Energy Frauds in USHistory

| June 7, 2019

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It is no secret that FleetCor CEO Ronald Clarke is known for pushing the envelope. Citron Research, Capital Forum, Bloomberg, and almost every major financial news publication have all written about the company’s egregious billing practices. While these practices might have been aggressive, it has been difficult for anyone to prove that they are illegal. Until now… While FleetCor has used excessive fees to grow earnings, the recent growth of the company is not from a fee and not from the highly publicized beyond fuel program but rather from a nefarious and hidden scheme called the “Clean Advantage” program. Note – this is not one of the many controversial fees but rather this is a program that customers pay into to make their fleets carbon neutral or zero emission. This is an outright “green fraud” that has brought FleetCor to their Philidor moment and should lead to the immediate resignation of CEO Ronald Clarke. While the company doesn’t dare to discuss the impact of this program, it has clearly been a primary driver of organic EBITDA growth as can be seen in the “Miscellaneous Fees” line item, which is on 100k accounts.

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