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Photo: EPA/BGNES
Bulgarian Nedko Nedev, aged 37 has been accused of conducting a speculation scheme. He allegedly is the person responsible for the massive stock price drop in Avon Products Inc.
As it turns out, this was not his first attempt at attacking Wall Street, as per statement on the US Security and Exchange Commission's (SEC) press office . Avon's shares noted an impressive price increase May 14 when a reported acquisition proposal at three times the normal stock price had been registered. However, as the company announced the statement to be a false rumor, stock prices fell considerably.
Allegedly, this has not been Nedev's first scheme, as he previously executed a similar model connected with the stocks of Tower Group International Ltd. as well as Rocky Mountain Chocolate Factory Inc.
In every one of the occasions, he reportedly bought shares through a scam entity allegedly based in Bulgaria. Timing was important, as he purchased the shares right before the fake takeover announcements were released.
The documents were allegedly written by Nedev and then submitted to SEC. However, a number of analysts have been surprised by the fact that nobody noted the obvious typos, extra spaces and two different names mentioned for the supposed buyer - private equity firm, based in Bulgaria.
According to initial information released by the SEC, Nedev managed to make USD 5,000 off the scheme.
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