01:41:54 EST Sun 03 Dec 2023
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SEC bars Forcefield Energy fraudster St. Julien

2023-06-21 19:51 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has barred Montreal lawyer Richard St. Julien, the mastermind of the Forcefield Energy Inc. manipulation, from practising before the SEC. The government said that Mr. St. Julien paid secret kickbacks to brokers and others as part of a scheme that ultimately boosted Forcefield to $7.54. (All figures are in U.S. dollars.) Through a "brown bag man," he ran cash kickback payments in the tens of thousands of dollars, the SEC claimed.

The ban for Mr. St. Julien is contained in an administrative order that the SEC released on Tuesday, June 20. The order, which is a footnote to criminal and civil proceedings against Mr. St. Julien, suspends him from appearing or practising before the SEC. The suspension comes under Rule 102(e), which allows the SEC to remove lawyers, accountants or auditors who engage in "unethical or improper professional conduct." The order bars him from working with public companies in the U.S. in a professional capacity.

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