Guilty plea entered in Bixby Energy scam
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 by The Associated Press. All Rights Reserved.)
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