Nine Individuals Indicted For Orchestrating A $131 Million Market Manipulation Scheme

[nitpicker]

Department of Justice
U.S. Attorney’s Office
Eastern District of New York

FOR IMMEDIATE RELEASE
https://www.justice.gov/usao-edny/pr/nine-individuals-including-five-registered-brokers-indicted-orchestrating-131-million

Tuesday, May 3, 2016

Nine Individuals, Including Five Registered Brokers, Indicted For Orchestrating A $131 Million Market Manipulation Scheme

Defendants Allegedly Profited by Selling to Investors Worthless Stock of a Company That Purported to be a Worldwide Distributor and Provider of LED Lighting Products and Solutions
(snip)

As alleged in the indictment and other court filings, between December 2009 and April 2015, the defendants, together with others, engaged in a scheme to defraud investors in ForceField, a purported worldwide distributor and provider of LED lighting products and solutions, by artificially controlling the price and volume of traded shares of ForceField through, among other means: (1) using nominees to purchase and sell ForceField stock without disclosing this information to investors and potential investors; (2) orchestrating the trading of ForceField stock to create the appearance of genuine trading volume and interest in the stock; and (3) concealing payments to stock promoters and broker dealers who promoted and sold ForceField stock to investors and potential investors while claiming to be independent of the company. The defendants’ fraudulent scheme caused a loss of approximately $131 million to the investing public.
(snip)

[Fresh_Start]

1. If they stole a TV jewelry and a computer from a home, they could get jail

Last edited Thu May 5, 2016, 07:10 AM - Edit history (1)

but they will probably get away with a fine because $131million is >>>> then a small burglery

[yellerpup]

2. Do not despair.

The prosecutors in this NY office rack up impressive wins. I was on a jury for a company (3 guys) that stole $21million in about 14 months. The Easter NY lawyers went after them and wiped them out. One got 85 years, one got 30 years, and the last guy (their elderly front man who came to court dragging an oxygen tank every day) got 1-1/2 years + probation and lifetime banishment from the financial services industry.

[sendero]

3. IMHO..

... everyone with money in the US stock markets is getting ripped off in one way or the other.