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by Mike Caswell

A New York jury has convicted Louis Petrossi, the self-proclaimed investment guru accused of helping the Forcefield Energy Inc. manipulation. The conviction came on Tuesday, May 2, the day after his two-week trial ended. The jury found him guilty on all four counts that he faced, including conspiracy to commit securities fraud and money laundering conspiracy.

Prosecutors claimed that Mr. Petrossi was part of scheme to boost Forcefield, a purported LED manufacturer that had Canadian Richard St. Julien as its chairman. Mr. St. Julien allegedly 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, 76, aided the scheme by appearing at investment conferences on behalf of an entity called the Wealth Research Institute. He persuaded investors to buy shares of Forcefield, and in return received a secret commission of 10 per cent. He also participated in manipulative trades.

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