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U.S. Arrests Seven in $140 Million Penny Stock Fraud Case

Seven people accused of taking part in a $140 million international penny stock fraud that U.S. prosecutors say is one of the largest in history were arrested.

Federal agents arrested six individuals in the U.S. accused of participating in a scheme to inflate the values of at least a dozen worthless stocks and market them to investors, Brooklyn U.S. Attorney Loretta E. Lynch said today. A seventh defendant was arrested in Canada, she said.