Wall Street Financier Benjamin Wey Charged With Securities Fraud, Money Laundering

From the Washington Post

Wall Street financier Benjamin Wey, most recently in the news after losing an $18 million sexual harassment suit, has been charged by a federal grand jury with conspiracy, securities fraud and money laundering in connection with what prosecutors described as a reverse merger scheme “between Chinese companies and U.S. shell companies” in which he “illegally” concealed his ownership and manipulated share prices.

Reverse mergers involve private firms that purchase shell companies that are already publicly traded, allowing the private company to effectively go public while avoiding the disclosures and scrutiny required by an initial public offering.

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