Dallas Man Faces Prison Over $131 Million Fraud Case - NBC 5 Dallas-Fort Worth

Dallas Man Faces Prison Over $131 Million Fraud Case

    processing...

    NEWSLETTERS

    Mom of Child With Rare Disorder Helping Similar Families Get Answers
    Getty Images

    Prosecutors in New York City say a former broker who pitched "worthless" stock to investors and television viewers faces prison for participating in a $131 million market manipulation scheme.

    U.S. Attorney Robert L. Capers in Brooklyn says Herschel "Tres" Knippa, of Dallas, pleaded guilty Monday to conspiracy to commit securities fraud.

    Authorities say the scheme ran from 2009 to 2015 and artificially controlled the price and volume of traded shares of ForceField Energy Inc., a distributor of LED lighting products.

    They say Knippa got kickbacks to shill the stock at investor conferences and as a TV guest commentator.

    Participants communicated with burner phones and encrypted text messages.

    Knippa could be sentenced to up to five years in prison, restitution and a fine.

    Get the latest from NBC DFW anywhere, anytime

    • Download the App

      Available for IOS and Android