Canadian man accused in penny stock fraud caught in Thailand

A Canadian man accused of masterminding an international penny stock fraud scheme that swindled investors worldwide of more than $140 million has been arrested in Thailand.
The U.S. Federal Bureau of Investigations says Sandy Winick, 55, was arrested over the weekend, just days after authorities rounded up seven of his alleged accomplices.
Canadians Gregory Ellis, 46, and Kolt Curry, 38, were taken into custody Aug. 13, along with five Americans accused of helping to carry out what authorities have called one of the largest penny stock frauds in history.
Curry's father, 63-year-old Gregory Curry, is still at large and the FBI said he's believed to be living in or near Bangkok, Thailand.

Alleged 'pump and dump' scheme

It's alleged the defendants were involved in a massive "pump and dump" scheme — buying controlling interests in sketchy startup companies, then artificially inflating their value by promoting them in fictitious emails, social media messages and news releases.
Court papers say the defendants then victimized the same investors by convincing them to pay advance fees in return for helping them sell their securities or join lawsuits to reclaim their losses.
The sales campaign generated more than $120 million in investments, while the fees scheme brought in some $20 million, authorities said.

http://www.cbc.ca/news/business/canadian-accused-in-penny-stock-fraud-caught-in-thailand-1.1340651