Dennis Luverne Desender, former acting CFO of Bixby Energy System, has been sentenced in federal court to 97 months in prison for lying to investors and failing to report his income on federal tax returns for three years. Desender was charged and pleaded guilty to both securities fraud and tax evasion in 2011.
Desender, 65, admitted in his plea agreement to providing false information to investors in the Ramsey, Minn., company to convince them to invest, in part by concealing the fact that the coal gasification energy system he was in charge of raising funds for was not market-ready. His tax evasion cost the Internal Revenue Service $825,866 in lost funds.
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