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Alleged kingpin of U.S. penny stocks fraud arrested in Thailand

Wednesday, Aug 21, 2013 - 00:55

Aug. 21 - Thai authorities arrest a Canadian man accused of masterminding a $140 million plan to defraud investors in U.S. penny stocks. Lily Grimes reports.

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Canadian national Gregory Curry is arrested in Thailand, accused of masterminding a USD 140 million investment fraud. It's one of the biggest international penny stock investigations ever conducted by the U.S. Justice Department and FBI. Penny stocks are low price shares in small companies that are vulnerable to manipulation and so-called 'pump and dump' schemes. Curry was arrested on Tuesday, while another Canadian, accused of orchestrating the scheme, was arrested on Saturday. Both now face extradition to New York, according to U.S. prosecutors. Seven alleged cohorts have meanwhile been arrested in North America. Prosecutors say the 'pump and dump' scheme involved fraudulently pumping up the price of penny stocks and dumping them on investors in 35 countries.

Alleged kingpin of U.S. penny stocks fraud arrested in Thailand

Wednesday, Aug 21, 2013 - 00:55

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