Bulgarian who allegedly issued fake Avon takeover offer arrested

WASHINGTON (MarketWatch) -- Bulgarian authorities have arrested a Bulgarian man on charges of market manipulation in U.S. stocks including Avon Products. Nedko Nedev was charged with insider trading on an offer by a Bulgarian firm, Euroins Insurance, for Tower Group International, and for making sham offers for Rocky Mountain Chocolate Factory and Avon Products . The U.S. said it will seek extradition of Nedev. The Securities and Exchange Commissionhad previously laid out charges against Nedev.

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