U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26006 / May 14, 2024
Securities and Exchange Commission v. St. Julien et al., Civil Action No. 1:16-cv-2193 (E.D.N.Y. filed May 3, 2016)
SEC Obtains Final Judgment Against ForceField Energy Defendant for Role in Alleged Offering Fraud
On May 10, 2024, the U.S. District Court for the Eastern District of New York entered a final judgment against Jared Mitchell, enjoining him from violating certain provisions of the federal securities laws.
According to the SEC's complaint, starting in 2014, Mitchell was involved in a scheme to deceive investors into buying shares of ForceField Energy Inc. ("ForceField Energy"). The SEC alleged that Mitchell and others engaged in schemes using cash bribes and other kickbacks to registered representatives and unregistered brokers who solicited investors to buy stock in ForceField Energy. The SEC further alleged that investors were unaware those soliciting them were being paid to steer them to the stock. Mitchell, a purported investor relations professional, was hired to pay kickbacks to certain registered representatives in return for their recommending and purchasing ForceField Energy stock in their customers' accounts.
The SEC's complaint charged Mitchell with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. On August 16, 2017, the Court entered a partial judgment against Mitchell by consent in which he agreed to be permanently enjoined from violations of the charged provisions. On May 10, 2024, the Court entered a final judgment against Mitchell by consent in which he further agreed to disgorge $82,220 in ill-gotten gains and prejudgment interest thereon, the payment of which was deemed satisfied by the restitution order in the parallel criminal proceeding, United States v. Mitchell, et al., Crim. No. 16-234 (BMC) (E.D.N.Y.).
The SEC's litigation is being handled by Bari R. Nadworny and Lindsay S. Moilanen of the New York Regional Office and is being supervised by Sheldon L. Pollock and Daniel Loss.