Tags: canadians | arrested | thailand | fraud

Canadians Arrested: Thailand Penny Stock Fraud Scammed $140M

By Newsmax Wires   |   Thursday, 22 Aug 2013 06:47 AM

Two Canadians were arrested in Thailand in the past week for allegedly promoting a penny stock fraud that led to more than $140 million being scammed from investors.

Gregory Curry, a 63-year-old native of Sydney, Canada, was arrested on Tuesday at his ex-wife's house in Kabin Buri district in the eastern province of Prachin Buri, Lt. Col. Kanaphat Phahumunto said on Wednesday, the Associated Press reported.

"Curry has been living in Thailand for 14 years. His Thai wife told police he paid her 20,000 baht ($630) to find a place for him to hide and we found him on Tuesday morning at his ex-wife's residence," Kanaphat told The Associated Press.

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Prachin Buri is 90 kilometers (60 miles) east of Bangkok.

He said the suspected mastermind, 55-year-old Sandy Winick, was apprehended by Thai Special Branch police on Saturday.

The pair is among nine men the FBI suspects of augmenting the share price of worthless stocks of small companies and unloading them to unsuspecting investors from about 35 countries. Seven of them were arrested in the U.S. and Canada on Aug. 13, according to the FBI.

"(Winick and Curry) thought that they could simply run away from their crimes. Today, with the help of our friends in Thai law enforcement, we once again showed that fraudsters cannot hide from the law," U.S. Attorney Loretta E. Lynch in a statement issued Tuesday.

In the same statement, the FBI called the scam "one of the largest international penny stock frauds and advance fee schemes in the history."

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Both men face extradition to the U.S. on an indictment in a New York court.

Winick had been arrested for a call center scam in 2011 in Bangkok, but managed to escape bail, according to Kanaphat.

Related stories:

FBI Arrests Seven in $140 Million Penny Stock Fraud

Texan Gets 6 Years for Stock Price Cyber-Scam

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