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by Mike Caswell

Louis Petrossi, the Nevada man charged for the Forcefield Energy Inc. manipulation, denies accusations that he has been defrauding investors while he awaits trial. He says that prosecutors are incorrect in their contention that he misappropriated money under the guise of an investment in companies about to go public. The money at issue represented payment for an asset sale, and had nothing to do with any such investment, he claims.

The denials from Mr. Petrossi, 76, come as part of a case stemming from 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. (All figures are in U.S. dollars.)

Mr. Petrossi pleaded not guilty and has been free on bond while he awaits trial. Prosecutors, however, recently asked the judge to put him in jail until that trial date arrives. In a letter to the judge dated Feb. 7, 2017, they said that Mr. Petrossi was once again soliciting investors, and was using their money to pay his personal expenses. Among other things, he paid for a $168,756 renovation on his house and bought a 2015 BMW X5 with investor money, the government claimed. Prosecutors said that it was necessary to place Mr. Petrossi in prison until trial to protect the public.

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