August 18, 2016
The Securities and Exchange Commission issued a Complaint in early May against Richard St. Julien, ex-chairman of ForceField Energy, Inc., and nine other individuals who were allegedly involved in schemes orchestrated by St. Julien to trick investors into buying shares of ForceField stock. ForceField Energy is listed with the SEC as a business in “alternative energy and products and technologies,” distributing LED and other lighting products. St. Julien faced a criminal charge of conspiracy to commit securities fraud last year filed by the U.S. Attorney’s Office for the Eastern District of New York, with the nine individuals involved now facing criminal charges.
According to the SEC’s Complaint, St. Julien allegedly conducted the following schemes:
St. Julien and the other parties involved allegedly tried to conceal this illegal conduct by transferring money to and from an offshore account, communicating on a prepaid “burner” phone, and even downloading an app that encrypts messages and subsequently deletes them once read.
The SEC is seeking to permanently prohibit St. Julien and the other nine alleged co-conspirators from engaging in acts, practices, transactions, and courses of business alleged in the SEC Complaint as well as repay their earnings during the alleged illegal soliciting with prejudgment interest and pay civil money penalties. Additionally, the SEC is seeking to bar St. Julien, Castaldo, and Petrossi from selling penny stocks, with Julien also facing an officer-and-director bar which would prohibit him from serving as a director or officer of a public company.
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