ForceField Energy Inc (FNRG.PK)
Latest Key Developments (Source: Significant Developments)
ForceField Energy Inc:U.S. prosecutors on Tuesday charged nine people with defrauding investors into buying the now essentially worthless stock of LED lighting provider ForceField Energy Inc, causing $131 million of losses - RTRS.The charges against the defendants, who include stock promoters, brokers and investor relations officials, were announced by U.S. Attorney Robert Capers in Brooklyn.They follow the April 2015 arrest of Richard St. Julien, a Canadian citizen who was ForceField's executive chairman, on charges he orchestrated schemes to inflate the stock price of his company, which was once called SunSi Energies Inc.The U.S. Securities and Exchange Commission on Tuesday announced related civil charges against all 10 defendants, including St. Julien.Authorities said the defendants manipulated ForceField's stock from December 2009 to April 2015 by secretly trading it in undisclosed accounts, inflating trading volume to create a false sense of demand, and concealing kickbacks to stock promoters and brokers to tout it.ForceField shares last traded on Thursday, at 2 cents.Among the other new defendants are Jared Mitchell, 34, of New York, the managing partner of Mitchell & Sullivan Capital LLC; and Christopher Castaldo, 44, of Glen Head, New York, the president of Wall Street Buy Sell Hold Inc.Their lawyers and a lawyer for Knippa were not immediately available for comment.A lawyer for St. Julien, 46, did not immediately respond to requests for comment. Full Article
ForceField Energy Inc:Says a class action lawsuit has been filed by Ryan & Maniskas, LLP, in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of ForceField Energy Inc. between Sep 16, 2013 and April 15, 2015.ForceField shareholders may, no later than June 16, move the Court for appointment as a lead plaintiff of the Class.The Complaint alleges that the Company failed to disclose that members of its management team have substantial connections to public companies that have been scrutinized for fraudulent or illegal activity.When this information was revealed on April 15, the price of the Company's shares declined by $2.97, to close at $4.74 per share on April 16.Ultimately, the Company's stock price fell below $3.15 by April 20.According to the Complaint, Defendants falsely stated and/or failed to disclose that.articles issued by independent authors touting the Company were in fact paid promoters hired by the Company;.ForceField's management reviewed these so-called independent articles before publication; and.members of ForceField's management have disturbing histories with fraudulent companies. Full Article
ForceField Energy Inc's american lighting subsidiary and WAXIE enters sales and marketing partnership for LED lighting systems
ForceField Energy Inc:Says it's American Lighting subsidiary (ALD) enters into partnership agreement with San Diego, California based WAXIE Sanitary Supply.Says as part of agreement, companies will establish joint sales and marketing program for ALD's LED Lighting Systems and Services to WAXIE's current base of customers across nine states in Western US. Full Article
NEW YORK, Feb 27 A trader who touted the stock of ForceField Energy Inc on television while being paid kickbacks to endorse the LED lighting provider pleaded guilty on Monday to a conspiracy charge, related to a fraud that cost investors $131 million, federal prosecutors said.