Former Bixby CFO Sentenced for Securities Fraud Charges
The former acting chief financial officer for Bixby Energy Systems Inc. has been sentenced to 97 months in prison after pleading guilty to securities fraud and tax evasion charges.
Sixty-five-year-old Dennis Desender received his sentence this week in a St. Paul, MN federal court months after pleading guilty to one count of securities fraud and one count of tax evasion. The charges stem from his actions that took place between January 2010 through May 2011 when he utilized manipulative and deceptive practices to sell Bixby securities. At the time, Desender worked as a consultant for Bixby Energy.
During the time he ran the securities fraud scam, Desender solicited unqualified investors to invest in Bixby. Furthermore, while some of the investor money was filtered back to Bixby, a “significant” amount of the money was used to pay the salary and commission for Desender and other people taking part in the scam.
Desender also concealed information regarding certain projects and provided false information to both current and potential investors. In total, Desender was responsible for approximately $4.3 million in investor losses.
The tax evasion charges stemmed from Desender’s admission that he did not file tax returns for tax years 2005 to 2008, and filed a false Form 1040 tax return for the tax year 2004.
Have you been taken advantage of by a deceptive securities fraud scheme? If so, call Sokolove Law today to learn more about what is required to pursue a stockbroker lawsuit. For legal help, call (800) 581-6358.