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SEC Sues Bulgarian Trader for EDGAR-Assisted Avon Stock Scheme

Joe Mont | June 4, 2015

The Securities and Exchange says it knows who was behind fake tender offers that were posted to its EDGAR database and is suing the Bulgarian man it says was behind them. On June 4, the SEC filed a complaint in U.S. District Court for the Southern District of New York against Nedko Nedev, 37, and firms he was associated with, PTG Capital Partners, PST Capital Group, Strategic Capital Partners Muster Limited, and Strategic Wealth Investments.

On May 14, at approximately 11:30 a.m., a PTG Capital Partners, allegedly a private equity firm, disclosed in a Section TO-C regulatory filing on the SEC’s EDGAR system, reporting that it had offered to buy Avon for $18.75 a share. In less than 30 minutes $91 million worth of Avon shares changed hands before trading was halted by the NYSE because there was...

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