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SEC says Forcefield's Kouyoumdjian ignoring charges

2019-10-21 10:58 ET - Street Wire

Also Street Wire (U-FNRG) Forcefield Energy Inc

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by Mike Caswell

The U.S. Securities and Exchange Commission says that former Florida broker Emmanuel Kouyoumdjian, accused of helping Canadian Richard St. Julien in the Forcefield Energy Inc. scheme, is ignoring the charges against him. A court-imposed deadline to respond to the case has come and gone, with nothing from Mr. Kouyoumdjian. The SEC is seeking a finding against him by default.

The request comes as part of a case in which the SEC cited Mr. Kouyoumdjian for a larger scheme to boost Forcefield. According to the SEC, Mr. Kouyoumdjian solicited money from investors across the U.S. while failing to disclose commissions he received. He was part of a network of unregistered brokers that raised $19-million in all, the SEC says. (All figures are in U.S. dollars.) Most investors suffered catastrophic losses after the SEC halted Forcefield on April 21, 2015, citing a possible manipulation in progress. Several people connected to the scheme have since gone to jail.

The SEC's request for a finding by default is contained in a motion that the regulator filed on Oct. 16, 2019, in federal court in Miami. The regulator points out that charges are now over three months old, and Mr. Kouyoumdjian has failed to respond. When the SEC filed the case, Mr. Kouyoumdjian sought time to hire a lawyer, which the judge granted. The judge's deadline, Oct. 10, 2019, has now passed, with nobody filing anything on Mr. Kouyoumdjian's behalf.

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Still waiting for BNN to explain why they allowed Catherine Murray and her buddy Tres Knippa to pump Forcefield on national television multiple times.

Posted by David at 2019-10-21 11:17