FLEETCOR – Citron Exposes one of the Largest Clean Energy Frauds in US History

For Immediate Release – June 6th, 2019


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.

Clarke validated this last year by referring to the new “zero emissions” (Clean Advantage) program as a key driver of growth. Yet, this program does not appear in any of the company’s investor presentations or corporate filings. Furthermore, analysts have never discussed this program and this week both Goldman Sachs and William Blair talked up the impact of the beyond fuel program, which is only on 5k accounts without one mention of the “Clean Advantage” program, which is on 100k accounts.

The reason why- the “Clean Advantage” program is a total fraud.