Alleged Avon hoax mastermind arrested, indicted

Posted online March 11, 2016 | 12:40 pm

The Bulgarian man suspected in the 2015 hoax involving a purported buyout offer for Avon Products has been arrested and indicted on charges of market manipulation and insider trading.

The alleged sham takeover offer for Avon last May by Nedko Nedev, 38, caused a 400 percent increase in trading volume for the company's shares and resulted in hundreds of millions of dollars in market manipulation.

The U.S. is seeking to bring Nedev to America for trial.

Read more from USA Today.

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