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Canadian securities fraudster arrested in Faliro

A Canadian citizen, Richard Wesley Walchuk, who swindled more than 8 million dollars in six months from dozens of investors in Canada and the USA was arrested in Palaio Faliro, near Athens.

Using the “pump and dump” method and by bribing stock dealers, the 58 year old managed to score a massive amount between March and October 2008, in Pennsylvania. He was wanted by US authorities on international arrest warrant.

Richard Wesley Walchuk, is seen as the ring leader of a criminal organization and is implicated in exchange and securities fraud by the SEC.

His activities are reminiscent, on a smaller scale, of the recent movie “The Wolf of Wall Street.” Richard Wesley Walchuk was chairman and CEO of Viosolar and shareholder in two other exchange trading firms.

The 58 year old was located by the police financial crimes squad and was arrested in Palaio Faliro. He was led to the prosecutor and is now being held.