Not quite the way it happened. When Rossi began implementing his Petrodragon technology, the wastes involved were not considered hazardous, and could be treated as "industrial trash". The rules got changed before he could complete implementation (with some evidence of Mafia collusion on the part of one of his competitors), he couldn't afford the added expense of handling the materials as "hazardous waste", went broke, lost his shirt, and had no money to do the necessary cleanup.
Yes, I see that from Rossi's own account, assuming it is truthful. It would be helpful for someone who reads Italian and has access to 1980's and 90's Italian newspaper archives to investigate a little and see if his account is basically accurate. Not necessarily to check every little detail, but enough to see if the timeline and key details are correspond with his account.
It's another thing that anti-Rossi crowd could tear him to pieces with, if his account is way off base. But if it is accurate, even arguably so, then they need to back off and find something else to chew on.