Did You Suffer Losses from Investments with Former Meyers Associates Financial Advisor Naveed Khan and ForceField Energy?
Posted on Tuesday, September 19th, 2017 at 9:41 am
Erez Law is currently investigating former Meyers Associates, L.P. financial advisor Naveed (Nick) Khan (CRD# 4615944) regarding ForceField Energy stock fraud. Khan was registered with Meyers Associates, L.P. in Staten Island, New York from 2013 to 2016.
In May 2017, Khan was sentenced to two years in prison and two years supervised release for his role in the $131 million market-manipulation scheme involving ForceField Energy. Forcefield Energy, Inc. was traded on the NASDAQ from October 15, 2013 to April 20, 2015. The company was involved in the manufacturing, distribution, and licensing of “alternative energy products and technologies.”
In May 2016, the Securities and Exchange Commission (SEC) filed fraud charges against Forcefield Energy, Inc., which was alleged to defraud investors in three market manipulation schemes orchestrated by ForceField ex-Chairman Richard St. Julien. Cocuzzo pled guilty to his role in the market manipulation scheme, which involved ForceField Energy paying kickbacks in cash to Cocuzzo and other brokers, including:
- Pranav Patel – Dawson James Securities
- Maroof Miyana – Legend Securities
- Naveed Khan – Meyers Associates
The first scheme took place between October 2014 and April 2015 and involved an investor relations professional Jared Mitchell who paid cash kickbacks to the registered representatives in return for recommending and purchasing stock in ForceField energy in customer accounts. Between June 2012 and January 2012, the second scheme involved cash kickbacks (in the amount of 10% of the invested amount) paid to Christopher Castaldo, a former registered representative who was found liable for violating the federal securities laws in 2009, who solicited investors to buy ForceField stock in their brokerage accounts by publicizing it in his investment newsletter to his clients. Between December 2009 and April 2015, the third scheme involved St. Julien who paid Hershel Knippa and Louis Petrossi kickbacks in exchange for soliciting investments in ForceField’s private placement of common stocks and warrants. Knippa and Petrossi solicited investors at conferences and on the Fox Business Network’s “Varney & Co.” show. The illegal conduct was allegedly attempted to be concealed through kickback payments via an offshore nominee and communication through prepaid, disposable cellphones and an encrypted, content expiring messaging app.
In March 2017, Khan pled guilty to one count of securities fraud related to tricking investors into buying shares of ForceField Energy. As a result, the SEC barred him from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public. It is alleged that registered representatives and unregistered brokers were given cash bribes and other kickbacks to solicit customers to purchase these stocks.
Khan has been the subject of four customer complaints between 2006 and 2017, one of which was denied, according to his CRD report:
April 2017. “Excessive Trading, Unsuitability Failure to supervise.” The customer is seeking $88,671 in damages and the case is currently pending.
January 2011. “Clients allege that during the period from february 2007 through March 2008 their account was excessively traded, on margin, in unsuitable investments.” The client sought $200,000 in damages and the case was settled for $75,000.
February 2006. “Client alleges unauthorized trades.” The case was settled for $8,500.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Meyers Associates, L.P. may be liable for investment or other losses suffered by Khan’s customers.
Erez Law represents investors in the United States for claims against former Meyers Associates, L.P. financial advisor Naveed (Nick) Khan regarding ForceField Energy stock fraud. If you were a client of Meyers Associates, L.P. or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.