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by Mike Caswell

The U.S. Securities and Exchange Commission and the Department of Justice have filed charges against a group of brokers and others for the manipulation of Forcefield Energy Inc. The government claims that the group helped Forcefield's former chairman, a Canadian named Richard St. Julien, defraud investors of millions of dollars. The group accepted secret kickbacks from Mr. St. Julien in return for convincing clients and members of the public to buy Forcefield, prosecutors claim.

The charges come a little over a year after the collapse of Forcefield Energy, a purported distributor of LED lighting products. The stock went to a $7.84 high before the SEC halted it on April 21, 2015, citing a potential manipulation in progress. (All figures are in U.S. dollars.) After the halt expired the stock plummeted (it was last at 0.01 cent), inflicting losses on investors that prosecutors calculate to be $131-million.

Those charged Tuesday include Tres Knippa, the owner of Kenai Capital Management, who has appeared as a commentator on Business News Network and on the Fox Business channel. Also charged are several present and former brokers, most from New York or Florida. The men were arrested as a judge unsealed an indictment against them Tuesday morning in New York.

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