Local

Guilty Plea Entered In Bixby Energy Scam

View Comments
(credit: Jupiter Images)

(credit: Jupiter Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. Sleeping Disorders Could Be Behind Behavioral Issues In Kids
  2. Take Your Turkey To The Next Level
  3. Car Hits Protestors At Mpls. Ferguson Rally
  4. Nor'easter Creating Holiday Travel Headaches
  5. Senator: Let Local Governments Decide Sunday Liquor Sales

MINNEAPOLIS (AP) — A Minnesota businessman who solicited investors for an alternative energy company that’s admitted to fraud has pleaded guilty to federal charges.

In a plea agreement with prosecutors, 62-year-old Gary Collyard, of Delano, pleaded guilty to conspiracy to commit securities fraud and conspiracy to commit bank fraud. Bixby Energy System has admitted defrauding investors of up to $7 million and has taken responsibility for the acts of its former officers and agents.

The U.S. Attorney’s Office says Collyard conspired with Bixby founder Robert Allen Walker and others to use deception to sell company securities. Prosecutors describe Collyard as a “finder” who was responsible for raising money for Bixby in exchange for a commission.

Collyard also admitted to lying to numerous banks to obtain loans of about $1.3 million for his real estate company, the Collyard Group.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,986 other followers