Energy Co. CEO Indicted Over $7M Investment Fraud

Law360, New York (December 21, 2011, 9:55 PM EST) -- The founder of alternative energy company Bixby Energy Systems was slammed with an indictment and a U.S. Securities and Exchange Commission suit Wednesday in Minnesota federal court for allegedly lying to investors in a fraud that cost them between $2.5 million and $7 million.

Federal prosecutors accused Robert Allen Walker, 69, of inducing investors to commit large sums of money to the business, which develops energy alternatives to coal, by lying about the company's core product and the likelihood of conducting an initial public stock offering....
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