Finance Expert Admits Lying to Investors to Get $$'s for Ramsey Energy Company | Crime
A former financial officer for a Ramsey, Minnesota energy company admits he lied to investors to get them to commit large sums of money to the business.
64-year-old Dennis Desender, the former acting chief financial officer for Bixby Energy Systems, pleaded guilty to one count of securities fraud in federal court in St. Paul.
Desender told the court that from January 2010 through May 2011, he and others used "manipulative and deceptive practices" to try to sell securities, communicating with potential investors and shareholders to induce them to invest.
Investors were sold securities in exchange for investment funds.
Desender admitted he used a "significant portion" of the funds for salaries and commissions for himself and others.
At the time, he was a consultant for the company.
Desender faces a maximum sentence of up to 20 years in prison.