Canadian accused in penny stock fraud caught in Thailand

[webfact]

Canadian accused in penny stock fraud caught in Thailand
Sandy Winick believed to have organized 'pump and dump' stock schemes, investigators say
The Canadian Press


Sandy Winick, file photo

BANGKOK: -- 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.

Full story: http://www.cbc.ca/news/business/story/2013/08/19/business-penny-stock-fraud.html

-- CBCnews 2013-08-20

[webfact]

Sandy Winick: Alleged penny stock fraud kingpin arrested in Thailand
By Tony Van Alphen and Madhavi Acharya-Tom Yew

BANGKOK: -- Police in Thailand say they have captured the alleged Canadian kingpin of one of the biggest penny stock frauds ever.

The FBI confirmed Monday that authorities in the southeast Asian country arrested Sandy Winick, 55, during the weekend.

The globetrotting Winick who lived in Toronto and Stoney Creek during the last decade had been on the FBI's "wanted list" since last week when the agency and the U.S Department of Justice laid fraud charges against him for allegedly masterminding stock and advance fee schemes.

A report in the Bangkok Post said Winick was arrested at an apartment in the Yannawa district of Bangkok.

The FBI said the schemes involved the sale and manipulation of billions of shares of worthless securities in a classic "pump and dump" operation where they bought shell companies, promoted them with fictitious news releases and sold shares at highly-inflated prices before the stocks crashed.

The FBI said the schemes involved several companies and resulted in $140 million (U.S.) in losses by hundreds of investors in 35 countries.

Full story: http://www.thespec.com/news-story/4039188-sandy-winick-alleged-penny-stock-fraud-kingpin-arrested-in-thailand/

-- thespec 2013-08-20

[theblether]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

[uty6543]

Clever enough to swindle people out of so much money but not clever enough not to get caught. If he is guilty I hope he never has another day of freedom again.

[welsh1]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And if you really don't want to get caught, choose a better place to hide.

try ( Issan) they'll never find you up there

[Colabamumbai]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And if you really don't want to get caught, choose a better place to hide.

try ( Issan) they'll never find you up there

Maybe that is why I live in Isaan!

[jaltsc]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And..."How much is it worth to you for me not to reveal your location?"

Edited August 20, 2013 by jaltsc

[mrdome]

Great that they caught this guy, although probably won't diminish these types of emails that we get at work by the thousands daily and that must account for a good percentage of global email traffic.

At least by now, most people are smart enough to delete this crap right away.

[gemini81]

55? Looks 70....guess life as a crook on the run will age you considerably.

[Bagwan]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And if you really don't want to get caught, choose a better place to hide.

try ( Issan) they'll never find you up there

A farang in Isaan sticks out like an elephant in Lady Bracknell's salon and attracts interest if not close inspection. Merge amongst one's contemporaries and lookalikes to escape serious inspection and conjecture.

[phil2]

Nice to know that Nigerians are not the only ones doing advance fee fraud, otherwise known as "419".

[Kommiekat]

I know that I can google this, of course, but just for conversation purposes, why is it called "Penny Stocks"?

[hellodolly]

I know that I can google this, of course, but just for conversation purposes, why is it called "Penny Stocks"?

Because that is the cost of them.

Check the TSX venture exchange in Vancouver Canada.

They even have smaller ones like the one in Alberta.

[elwood]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

According to the FBI he is also believed to have lived in Hong Kong, China and Vietnam; at least he has been captured here (for the second time apparently). Seems he made the wrong choice of destination this time.

[camo007]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

Not true you should see the amount of scum hiding out in The Philippines and Vietnam.

[uty6543]

I know that I can google this, of course, but just for conversation purposes, why is it called "Penny Stocks"?

In England shares with a value under £1 are called penny shares. In the USA it is shares under $5. Very dangerous to buy unless you know what you are doing.

[Greer]

He certainly deserves the jail time he has coming; he was living in Yannawa, but had swindled people of $140 million - so either he didnt have much of the money, or he was not bright enough to live someplace decent with his ill-gotten gains - imagine living in that crap-hole!

Glad they got him and (most of) his colleagues.

Edited August 20, 2013 by Greer

[gemini81]

He certainly deserves the jail time he has coming; he was living in Yannawa, but had swindled people of $140 million - so either he didnt have much of the money, or he was not bright enough to live someplace decent with his ill-gotten gains - imagine living in that crap-hole!

Glad they got him and (most of) his colleagues.

Yannawa has high end areas as well middle class like most BKK districts. You're arrogant and wrong.

[JeremyBowskill]

Clever enough to swindle people out of so much money but not clever enough not to get caught. If he is guilty I hope he never has another day of freedom again.

Seems a bit harsh to me, after all he is not a pedo, murderer or rapist. Think the punishment should fit the crime, for the most part peoples own greed got them in a mess with this fella.

[chooka]

Good investigation and excellent work by the BIB. The FBI will be extremely grateful.

[chooka]

He certainly deserves the jail time he has coming; he was living in Yannawa, but had swindled people of $140 million - so either he didnt have much of the money, or he was not bright enough to live someplace decent with his ill-gotten gains - imagine living in that crap-hole!

Glad they got him and (most of) his colleagues.

Maybe he was living there because he met his match against a better swindler, a Thai woman. He was probably an amature compared to some Thai's and lucky he wasn't the subject of the homeless farang story.

[uty6543]

Clever enough to swindle people out of so much money but not clever enough not to get caught. If he is guilty I hope he never has another day of freedom again.

Seems a bit harsh to me, after all he is not a pedo, murderer or rapist. Think the punishment should fit the crime, for the most part peoples own greed got them in a mess with this fella.

I don't think I am being harsh. This guy and his associates stole the life savings from many people.

Their greed, if that's what it was, was not unlawful just a bad investment decision. What do you think an appropriate sentence should be.

[Suradit69]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And it's left to the Thai police to deal with the lax immigrations and police services in the west who can't seem to control their citizens or their borders.

And what's so amusing is that some TV experts insist that putting money in Thai banks or investing in Thai securities isn't safe compared to the regulated and highly ethical western markets.

Edited August 20, 2013 by Suradit69

[gemini81]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And it's left to the Thai police to deal with the lax immigrations and police services in the west who can't seem to control their citizens or their borders.

And what's so amusing is that some TV experts insist that putting money in Thai banks or investing in Thai securities isn't safe compared to the regulated and highly ethical western markets.

What you've stated, whether you realize it or not, is that developed western countries have systems that are more inept or equally as incompetent as Thailand? You don't think some people will be able to find a way to escape/evade justice regardless of whatever laws may be put into place?

There will always be scammers.

If you think putting your money in a bank where you are anything less than permanent resident, and that it is safer than your home country, then c'mon that is plain naïve.

[DGIE]

I think his case is bailable. He much money and he will be freed again.

[Nayet]

It's got to the point when anyone goes on the run, the only question any police force needs to ask is.......

" Whereabouts in Thailand is he".

And it's left to the Thai police to deal with the lax immigrations and police services in the west who can't seem to control their citizens or their borders.

And what's so amusing is that some TV experts insist that putting money in Thai banks or investing in Thai securities isn't safe compared to the regulated and highly ethical western markets.

What you've stated, whether you realize it or not, is that developed western countries have systems that are more inept or equally as incompetent as Thailand? You don't think some people will be able to find a way to escape/evade justice regardless of whatever laws may be put into place?

There will always be scammers.

If you think putting your money in a bank where you are anything less than permanent resident, and that it is safer than your home country, then c'mon that is plain naïve.

I bank at Kasikorn, am not a permanent resident. Please explain in detail why I should worry.

[Jim walker]

All these stupid crooks seem to come to Thailand to get caught must be for their last big fling before a life behind bars and the rest of us just come to Thailand to spend the rest of our life at the opposite side of the bars.

[rodroy]

He was in jail in January and bragged on a wire tapped phone that he had bought his way out of jail!

So says the FBI!

[2unique]

Clever enough to swindle people out of so much money but not clever enough not to get caught. If he is guilty I hope he never has another day of freedom again.

Seems a bit harsh to me, after all he is not a pedo, murderer or rapist. Think the punishment should fit the crime, for the most part peoples own greed got them in a mess with this fella.

I don't think I am being harsh. This guy and his associates stole the life savings from many people.

Their greed, if that's what it was, was not unlawful just a bad investment decision. What do you think an appropriate sentence should be.

Looks like 20 years for each wire fraud - that's a lot of 20 years!!

[jackinbkk]

How are the FBI involved?

Did he commit the crime in the USA or sell US shares???