INDIANAPOLIS (AP): A New Jersey man and two companies he co-owns have pleaded guilty to federal charges in a biofuels scam that bilked taxpayers and fuel buyers out of tens of millions of dollars.

Federal prosecutors in Indianapolis say 49-year-old Joseph Furando of Montvale, New Jersey, Caravan Trading Co. and CIMA Green pleaded guilty Wednesday to conspiracy, wire fraud and other charges.

Prosecutors say Furando, his New Jersey-based companies and executives with an Indiana biofuels company facing a May trial claimed more than $55 million in profits through the scam.

They allegedly sold 35 million gallons of fuel as 100 percent biofuel when it actually contained some petroleum diesel, charged customers more than it was worth and illegally claimed tax credits.