Wall Street CEO Indicted With 8 Counts of Fraud Following Morelli Law Firm Verdict

In June, Morelli Law Firm made headlines around the world for winning a massive $18m verdict against Wall Street CEO Benjamin Wey for sexually harassing and then defaming his young​ Swedish employee, our client Hanna Bouveng.

This morning, the Department of Justice announced via press release that Wey has been indicted following an FBI investigation that revealed a slew of financial crimes made him tens of millions of dollars in illegal profits. According to the New York Daily News:

Wey, the New York Global Group CEO who was slammed with an $18 million verdict for sexually harassing and then smearing a former employee, has been indicted on securities fraud, wire fraud, conspiracy and money laundering charges for his role in an international stock manipulation scheme.

"Ben Wey fashioned himself a master of industry, but as alleged, he was merely a master of manipulation," said Manhattan US Attorney Preet Bharara.

According to papers filed in Manhattan Federal Court, Wey teamed with family members and employees to execute the complex - and lucrative - scheme.

"The indictment charges that Wey used reverse merger transactions between Chinese companies and U.S. shell companies to illegally conceal his ownership interest and then, with the help of his alleged co-conspirator, manipulated the market so that he could sell his interest at artificially inflated prices," Bharara said.

"As alleged, in making tens of millions in illicit profit, Wey refused to let the securities laws or the rules of a fair marketplace get in the way of his dishonest scheme."

Wey, who is expected to be arraigned Thursday afternoon, faces up to 25 years in prison if convicted. A lawyer for him could not immediately be reached.

Morelli Law Firm is honored to have represented Hanna, and we welcome the opportunity to stand up for women who are harassed and treated unfairly in the workplace. If you or someone you know is a victim of sexual harassment or employment discrimination, please contact us.

To read the DOJ press release, click here.

To read the indictment court documents, click here.

Categories: Verdict,Sexual Harassment
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