MINNEAPOLIS (AP) — The founder of a Minnesota-based alternative energy company is accused of lying to investors in an alleged fraud scheme.
Former Bixby Energy Systems Inc. CEO Robert Allen Walker was arrested Wednesday. The 69-year-old appeared in federal court on one count of conspiracy to commit securities fraud.
Bixby Energy last week admitted defrauding investors of up to $7 million. Walker resigned in May and has denied any wrongdoing.
The indictment against Walker alleges that he raised more than $43 million from about 1,800 investors over a 10-year period by offering company securities based on false or misleading information.
Walker also is accused of misstating that the company’s coal-gasification machine was “ready for market.”
His attorneys said Wednesday that Walker never intended to defraud anyone and they plan a vigorous defense.
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