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by Mike Caswell

Louis Petrossi, who is awaiting trial for the manipulation of Canadian Richard St. Julien's Forcefield Energy Inc., will be waiting from jail. A New York judge has revoked his bond, or pretrial release, after prosecutors said that Mr. Petrossi was once again defrauding investors. They claimed that he had raised at least $1.7-million, pitching investments in high-profile companies. (All figures are in U.S. dollars.)

The revocation came after a hearing in New York before Magistrate Judge Ramon Reyes on Tuesday, Feb. 14. The hearing was to determine if Mr. Petrossi, 76, had been misbehaving to the extent that his bond should be revoked. Until Tuesday, he had been free on an appearance bond, essentially a promise that he would show up for his trial. As with most defendants on pretrial release, Mr. Petrossi had to promise to behave himself. The conditions of his release included terms barring him from handling investors and from committing crimes.

At Tuesday's hearing, the judge determined that Mr. Petrossi violated those conditions. The judge found that there was probable cause he had committed a crime while on release. The judge also determined that Mr. Petrossi was unlikely to abide by any conditions imposed on him.

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