23:13:43 EDT Fri 20 Oct 2017
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Forcefield Energy Inc
Symbol U : FNRG
Recent Sedar Documents

Forcefield defendant Khan facing up to 10 years

2017-05-18 10:35 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

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).

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2017 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.