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by Mike Caswell
New York prosecutors have asked for a jail term of up to 10 years for Naveed Khan, a broker who pleaded guilty to charges stemming from the Forcefield Energy Inc. fraud. They say that Mr. Khan used the accounts of 47 clients to buy $531,400 worth of shares over a three-month period. (All figures are in U.S. dollars.) In return he received $49,000 in kickbacks and was owed more when the scheme ended.
Prosecutors are seeking the sentence as part of a case in which they say that Mr. Khan, 33, helped a lengthy manipulation run by a Canadian man, Richard St. Julien. According to the government, Mr. St. Julien paid secret kickbacks to many people, including Mr. Khan, to get investors to buy Forcefield shares. Most of those investors suffered catastrophic losses after the U.S. Securities and Exchange Commission halted the company on April 21, 2015, citing a possible manipulation in progress. The stock, which had a $7.54 high, became nearly worthless (and was last at 0.01 cent).
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