Walker and others also repeatedly misrepresented the operational capability of Bixby's coal-gas technology, saying it was proven and ready for market, when it was not, the indictment says. It says he and his cohorts also assured investors that a public offering was near when he knew that wasn't true because, among other things, Bixby could not obtain audited financial statements.
Finally, the indictment says Walker concealed the fact that money from incoming investors was being used to pay existing investors, that some of the money was used for undisclosed projects, and that some of the money went to fund "Walker's lavish lifestyle."
In a world that widely recognizes the negative impact of carbon emissions on global warming, coal is an infamous global pollutant. More than 50 percent of the electric energy in the U.S. alone comes from coal-fired power plants, which spew billions of tons of carbon dioxide into the air each year. It is estimated that emissions from these plants contribute 41 percent of the man-made pollution in the atmosphere. Considering the statistics, it is no wonder coal has developed such a bad reputation.