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by Mike Caswell

Petar Mihaylov, a Bulgarian man charged in the United States alongside Vancouver's Ronald Bauer for multiple pump-and-dumps on the OTC Markets, will not be going to jail for the scheme. U.S. prosecutors have effectively dropped the charges after authorities in Bulgaria refused to extradite Mr. Mihaylov, who was accused of participating in manipulations that generated $18-million in proceeds. (All figures are in U.S. dollars.) The government said that Mr. Mihaylov was part of a ring led by Mr. Bauer that ran pump-and-dumps on a "serial basis" for 14 years.

The end of the case against Mr. Mihaylov is contained in a document that federal prosecutors in New York filed on Monday, Dec. 16. The document contains what is known as a deferred prosecution agreement. The agreement states that prosecutors will drop the charges against Mr. Mihaylov in six months if he abides by a set of conditions that include a complete ban from the U.S. markets. He must also remain in Bulgaria for the six-month period.

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