Bulgarian man charged in stock manipulation scheme

Staff Writer
Columbus CEO

NEW YORK (AP) — A Bulgarian man has been charged with manipulating the stocks of Avon and two other companies by issuing fake takeover offers.

Nedko Nedev faces an eight-count indictment, with charges for crimes related to market manipulation, insider trading and aggravated identity theft.

The allegations in the indictment were unsealed in federal court on Thursday in Manhattan.

The Securities and Exchange Commission filed a lawsuit against Nedev and four other defendants in June. In it, the SEC said one defendant filed an offer for Avon Products Inc. in May 2015. That sent Avon's stock soaring.

Nedev and others who weren't identified are also accused of a similar scheme with shares of Tower Group International in 2014 and Rocky Mountain Chocolate Factory in 2012.

There was no immediate information on an attorney who could comment in the defendant's behalf.