Broker Pleads Guilty To Role In $131M Investment Scheme

By Matthew Guarnaccia (July 27, 2016, 8:08 PM EDT) -- A securities broker pled guilty in New York federal court on Wednesday to securities fraud in relation to a scheme that bilked investors of lighting company ForceField Energy Inc. out of approximately $131 million, the U.S. Department of Justice said in a statement.

Staten Island resident Naveed Khan, 33, admitted to participating in a scheme to artificially control the price and volume of ForceField shares. He faces up to 20 years in prison and may be required to pay restitution, criminal forfeiture and a fine.

The DOJ indicted Khan and several others in May, alleging that between late 2009 and April 2015,...

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