Bulgarian Who Allegedly Issued Fake Avon Takeover Offer Arrested

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.