Feds subpoena former Trump adviser Icahn over biofuels push

by Devin Henry - 11/08/17 2:20 PM ET

Investigators have subpoenaed Carl Icahn and his investment company for information related to his work on biofuels policy while he was an adviser to President Trump.

Icahn Enterprises LP revealed in a federal filing on Friday that the U.S. Attorney for the Southern District of New York is “seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s role as an advisor to the President.”

“We are cooperating with the request and are providing information in response to the subpoena,” the company wrote in a Securities and Exchange Commission (SEC) filing.

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“The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn. We maintain a strong compliance program and, while no assurances can be made, we do not believe this inquiry will have a material impact on our business, financial condition, results of operations or cash flows,” the company wrote.

Icahn, a billionaire investor and refinery owner, served as a special adviser to Trump earlier this year.

In that role, he supported a proposal to shift the task of complying with the Renewable Fuels Standard’s ethanol-blending mandate to a new segment of the production line in a way that benefits refiners.

Icahn is the majority owner of CVR Energy, a refining company. The firm revealed in its own SEC filing that it had received a subpoena related to the investigation as well.

In August, Icahn announced he was stepping down as a regulatory adviser to Trump. Before then, he had been blunt about his desire to reform the Renewable Fuels Standard, telling Bloomberg in March, “I own a refinery so obviously I have an interest in it, but there are 12 other refineries that are getting killed worse than mine.”

He added: “I own a refinery. Who knows it better than me? Why shouldn’t I advocate?”

Tags Carl Icahn Ethanol Renewable Fuels Standard