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In an agreement with prosecutors, Bixby accepted a charge of one count of securities fraud and took responsibility for the actions of its former officers. The agreement allows Bixby Energy to avoid prosecution, and if the company complies with terms of the deal, the government will seek to have the charge dismissed. Tom Heffelfinger, attorney for Bixby Energy, said Wednesday that the company was not surprised by the latest developments. Heffelfinger said outside directors who took control of Bixby's board reported their concerns to the government last spring, and the company has been fully cooperating in the federal investigations. "We're very, very focused on making sure that our shareholders are fully involved in the company," said Heffelfinger, a former U.S. attorney in Minnesota. Desender pleaded guilty last fall to one count of securities fraud in a separate but related case. He agreed to cooperate with the government and is awaiting sentencing. His attorney did not immediately return a phone call for comment Wednesday.
[Associated
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