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Think You Can Hide From Preet Bharara In Bulgaria? THINK AGAIN!

Preet's got friends worldwide, and they'll find you.
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Not to make a direct comparison...

The Southern District of New York may only cover eight counties of the Empire State, but its current U.S. Attorney has friends ready and willing to lend a hand all over the world. Including in Sofia, Bulgaria, from whence one Nedko Nedev thought he might do some market manipulating and insider trading with impunity, inventing fake private equity firms to make fake and ludicrously rich tender offers for Rocky Mountain Chocolate Factory and, last year, Avon Products. Well, Mr. Nedev isn’t feeling so smart today as he enjoys the hospitality of the U.S. Marshals Service and Federal Bureau of Prisons.

U.S. Attorney Preet Bharara said: “As alleged, Nedko Nedev engaged in elaborate schemes to manipulate the market in various publicly traded securities. His alleged lies caused massive swings in share prices and trading volume, including a sham tender offer that required the New York Stock Exchange to halt trading in Avon shares.… If you manipulate the U.S. securities markets with disinformation and deception, whether from New York or from Bulgaria, as Nedev is alleged to have done, you will be held to account….”

Mr. Bharara praised the work of the FBI, and thanked the SEC Division of Enforcement and Office of Inspector General for their assistance. Mr. Bharara also thanked the Office of International Affairs and Bulgarian law enforcement for their assistance in the arrest and apprehension of NEDEV.

Press Release [DOJ]


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