Losses in ForceField Energy, Inc.?
Have you lost money investing in ForceField Energy, Inc.? The Securities and Exchange Commission (SEC) recently brought a complaint against a number of individuals who operated ForceField Energy (formerly known as SunSi Energies), as well as a number of financial advisors and stockbrokers who recommended that their customers invest in ForceField.
According to the complaint filed by the SEC, at least four financial advisors, including Gerald Cocuzzo, Naveed A. Khan, Maroof Miyana, Richard L. Brown, and Pranav V. Patel, sold ForceField to their clients and received cash kickbacks in return. ForceField was purported to be an alternative energy company that traded on the NASDAQ. It was alleged that Jared Mitchell, who worked for ForceField, would give “brown bags” of cash to recommend ForceField to customers. It was also alleged that the financial advisors had encryption on their phone that would delete texts after a certain period of time. ForceField no longer trades on NASDAQ and is believed to be worthless.
In March 2017, Naveed Khan was barred from the securities industry by the SEC. Khan has also since pled guilty to securities fraud.
Gerald Cocuzzo was a financial advisor and registered representative of Newbridge Securities Corp. from December 2014 to May 2016 and worked in a Boca Raton, Florida branch office. Naveed (Nick) Khan was a financial advisor with Meyers Associates from April 2013 to the present and worked in a Staten Island, New York branch. Maroof Miyana was a financial advisor with Legend Securities from December 2014 to the present and worked in Pompano Beach, Florida. Pranav V. Patel worked with Dawson James Securities from January 2015 to December 2015 in Boca Raton. Richard L. Brown worked with Chelsea Financial Services from February 2012 to November 2015 in Huntington, New York.
Brokerage firms like Newbridge Securities, Meyers Associates, Legend Securities, Dawson James Securities, and Chelsea Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. However, we represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Khan BrokerCheck 5.4.16 (1)
Click to view: Khan, Naveed SEC Order
IF YOU LOST MONEY WITH IN FORCEFIELD ENERGY WITH GERALD COCUZZO, NAVEED A. KHAN, MAROOF MIYANA, RICHARD L. BROWN, AND PRANAV V. PATEL, PLEASE CONTACT US AT (720) 599-3505 FOR A FREE EVALUATION OF YOUR CASE.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.