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by Mike Caswell
A Pennsylvania jury has convicted Nevada's Louis Petrossi, 77, for fraud after he raised $1.8-million from investors and used most of the money for his own purposes. (All figures are in U.S. dollars.) Among other things, he purchased a BMW, paid for renovations on his house and paid his lawyer with investor money, prosecutors said. The jury convicted him on Thursday, March 8, after a four-day trial that began on Monday.
For Mr. Petrossi, the verdict comes on top of his conviction for participating in the Forcefield Energy Inc. fraud, a scheme run by Canadian Richard St. Julien. In that case, prosecutors said that Mr. St. Julien paid secret kickbacks to many people, including Mr. Petrossi, to pitch the stock. Most investors suffered catastrophic losses after the U.S. Securities and Exchange Commission halted Forcefield on April 21, 2015, citing a possible manipulation in progress.
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