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by Mike Caswell

The U.S. Securities and Exchange Commission has revoked the registration of Forcefield Energy Inc., the former Nasdaq listing at the centre of a scheme that inflicted losses of $131-million on investors and resulted in multiple arrests. (All figures are in U.S. dollars.) The SEC said that a group headed by Canadian Richard St. Julien pitched the company as a distributor of LED lighting products, holding conferences in Vancouver, Las Vegas and Belize. The stock went to a $7.84 high before the SEC halted it on April 21, 2015, citing a potential manipulation in progress.

The revocation of Forcefield is contained in an administrative order that the SEC released on Thursday, Feb. 22. The order is a perfunctory one, with the SEC noting that the company has failed to file financial reports since Sept. 30, 2015 (when it reported a $381,597 loss). Despite the lack of financial reports, the company has continued to trade on the OTC Markets, where it was last at 0.0001 cent. With the company having repeatedly ignored its reporting requirements, the SEC has deemed it appropriate to revoke its registration, which means the stock will no longer be eligible for trading.

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