This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

New York prosecutors have asked a judge to revoke the bond of Louis Petrossi, who is awaiting trial for the Forcefield Energy Inc. manipulation. They say that Mr. Petrossi should wait from jail, as he is once again defrauding investors. He has raised at least $1.7-million from the public, pitching investments in high-profile companies. (All figures are in U.S. dollars.) Prosecutors say that he used the money for renovations on his house and for a BMW, among other things.

The request from prosecutors comes as part of its case into the manipulation of Forcefield Energy, which had Canadian Richard St. Julien as its chairman. Prosecutors claim that Mr. St. Julien paid secret kickbacks to many people, including Mr. Petrossi, to pitch the stock. The scheme caused investor losses of $131-million, according to the government.

Mr. Petrossi previously pleaded not guilty to the charges and has been free on bond since May 3, 2016. The conditions of his bond include terms that specifically prohibit him from handling investors and from committing any crimes. Any violation will result in his return to prison.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS