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SEC charges man over fake takeover offers

Jun. 05, 2015 3:05 AM ETAvon Products, Inc. (AVP) StockAVP, RMCFBy: Yoel Minkoff, SA News Editor
  • The SEC has charged a Bulgarian man, Nedko Nedev, for manipulating the stock prices of Avon Products (NYSE:AVP) and Rocky Mountain Chocolate Factory (NASDAQ:RMCF) by using the Edgar database to submit fraudulent takeover offers.
  • Avon's bid, which appeared on Edgar weeks ago, shot the stock up 20% before the company issued a statement saying it thought the offer was a hoax.
  • The false bids also raise concerns about the integrity of Edgar, which more than 300K companies use to electronically submit regulatory filings.
  • Previously: WSJ: FBI looking into suspicious bid for Avon (May. 15 2015)
  • Previously: WSJ: SEC looks into dodgy Avon bid (May. 15 2015)

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Avon Products, Inc.