U.S. : charges dropped due to barred evidence in Wey stock manipulation case – 9th August 2017

U.S. prosecutors on Tuesday moved to drop their criminal case accusing Benjamin Wey of running a fraudulent stock manipulation scheme, after a federal judge threw out much of the evidence they hoped to use against the financier. The dismissal request was the second in three weeks in a high-profile Wall Street case handled by the U.S. Attorney’s office in Manhattan. It followed a July 21 request to drop charges against two former JPMorgan Chase & Co traders in the London Whale trading scandal. Prosecutors had accused Wey in September 2015 of making tens of millions of dollars by secretly controlling large blocks of shares through “reverse mergers” between Chinese companies and U.S. shell companies, and selling his shares at artificially high levels.




Jonathan Stempel, Reuters