SEC Charges Bulgarian In Avon (AVP) Stock Manipulation

The Securities and Exchange Commission today is suing a Bulgarian resident for his association with stock manipulation in Avon and two other equity issues, Reuters first reported today, citing court documents.

Avon stock manipulators filed false claim on SEC's Edgar database

At issue was a May 14 false filing on the SEC’s Edgar database that indicated PTG Capital was engaged in a takeover offer for the stock, purporting to offer $18.75 per share for the stock. After the stock quickly rose nearly 20 percent, it was discovered the announcement was fraudulent and the stock just as quickly lost value. As reported in ValueWalk, nearly $91 million worth of shares of Avon...