EXEC ON TRIAL FOR ‘CLEAN COAL’ FRAUD

CEO of 'clean coal' company goes on trial in $57 million fraud; Bixby Energy Systems of Ramsey promised investors that it would convert coal to clean-burning gas, but prosecutors contend it was a lie.

David Shaffer, January 11, 2014 (Minneapolis StarTribune)

"…[Businessman Bob Walker is on trial] in U.S. District Court on charges of fraud, conspiracy, tax evasion and witness tampering…Prosecutors contend that Walker is a liar who knew [Bixby Energy Systems’ clean coal] technology didn’t work and who stole $57 million from 2,000 investors in a decade-long con job…From the defense, jurors will…[hear that Walker was] a visionary entrepreneur who touted Bixby’s clean-coal technology, only to be let down by those he’d paid to develop it…[Walker, 71,] is one of three people charged in the massive Bixby fraud case, and the only one to reject a plea bargain. The others have been sent to prison. One of them, Bixby’s former chief financial officer, Dennis Desender, is expected to testify against Walker…A former employee of the fabricator, in a sworn statement filed in the case, says the shop owner fed natural gas into a coal-gasification machine to…make it appear the unit worked…” click here for more

click to enlarge

Tweet