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by Mike Caswell
The U.S. Securities and Exchange Commission has banned Emmanuel Kouyoumdjian, a former Florida broker accused of helping Canadian Richard St. Julien in the Forcefield Energy Inc. scheme. The SEC claimed that Mr. Kouyoumdjian, also known as "Manny K," was part of a group that raised $19-million for Forcefield while failing to disclose commissions. (All figures are in U.S. dollars.) Others, including Mr. St. Julien, spent time in jail for the scheme.
The ban for Mr. Kouyoumdjian, 46, is contained in an administrative order that the SEC released on Tuesday, Jan. 25. The order permanently bars Mr. Kouyoumdjian from penny stocks. In particular, he is not permitted to promote penny stocks or attempt to induce their purchase or sale. Mr. Kouyoumdjian accepted the ban to settle the matter, and did so without admitting any wrongdoing. After three years, he may apply for re-entry.
Tuesday's order is a footnote to a case that the SEC and the U.S. Department of Justice pursued against Mr. St. Julien and others for Forcefield. According to the SEC, the group was responsible for a manipulation that boosted the stock to a $7.54 high. Most investors suffered catastrophic losses after the SEC halted Forcefield on April 21, 2015, citing a possible manipulation in progress.
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