Four Canadians charged in $140M international penny stock fraud scheme

NEW YORK, N.Y. – Four Canadians and five Americans have been indicted in what U.S. officials call one of the largest international penny stock frauds in history.

The U.S. Department of Justice says six suspects were arrested today in New York, Arizona, New Jersey, Florida and California, and another was arrested in Ontario.

Two more are being sought.

The department says the arrests are the result of a multi-year investigation involving the FBI and the RCMP.

It says the suspects are accused in two separate but connected schemes that netted more than $140 million and affected investors in dozens of countries.

Two of the Canadian suspects — Gregory Ellis, 46, and Kolt Curry, 38 — have been arrested.

Authorities say Sandy Winick, 55, is at large in Thailand and Gregory Curry, 63, has yet to be located.

The American suspects are Gary Kershner, 72; Joseph Manfredonia, 45; Cort Poyner, 44; Songkram Roy Sahachaisere, 43; and William Seals, 51.