Bixby Energy Admits To Securities Fraud

Law360, New York (December 14, 2011, 8:00 PM EST) -- Alternative energy company Bixby Energy Systems has admitted to defrauding investors out of between $2.5 million and $7 million and is cooperating with the federal government to investigate the criminal matter, the U.S. Department of Justice announced Wednesday.

Ramsey, Minn.-based Bixby made a deferred prosecution agreement, accepting one count of securities fraud and conducting an internal investigation, in exchange for which it will receive a lighter punishment.

“When a company does what is right; when it accepts responsibility for the wrongdoings of its employees, officers, and...
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