A former Stoney Creek resident has been arrested in Thailand in connection with one of the biggest penny stock frauds ever.
The FBI has confirmed 55-year-old Sandy Winnick was arrested over the weekend.
It’s alleged the schemes involved the sale and manipulation of billions of shares of worthless securities in a classic “pump and dump” operation.
The agency says the losses total 140-million dollars U-S for hundreds of investors in 35 countries.
Winnick is accused of being the mastermind, but another Canadian was also arrested along with five Americans.
If convicted, he could face up to 20 years in prison for each count of conspiracy to commit wire fraud as well as up to five years for conspiracy to commit securities fraud.
Authorities are still seeing another Canadian man in connection with the case.