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SEC target Petrossi indicted for $1.1M (U.S.) fraud

2017-03-24 10:31 ET - Street Wire

See Street Wire (C-*SEC) U S Securities and Exchange Commission

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by Mike Caswell

New York prosecutors have indicted Nevada resident Louis Petrossi, 76, for defrauding investors with purported investments in high-profile start-up companies such as Spotify. He convinced investors to put money into an entity that he controlled, then used at least $1.1-million of that money for personal items, the government claims. (All figures are in U.S. dollars.) Investor money paid for a BMW, renovations to his house and legal fees, according to his indictment.

Those charges come on top of allegations that Mr. Petrossi separately aided a Canadian man, Richard St. Julien, manipulate a purported LED manufacturer, Forcefield Energy Inc. During that scheme, Mr. St. Julien paid secret kickbacks to many people, including Mr. Petrossi, to pitch the stock. Forcefield later collapsed, causing investor losses of $131-million, according to the government.

Louis Petrossi
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Louis Petrossi

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