Cynk Tech. Corp (fka CYNK)

[Renee]

CYNK: inactive Security. FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[janice shell]

WTF??? OTC Markets hasn't said anything about it. How bizarre...

[Renee]

SHEESH......FINRA reinstated 100's of deleted symbols today, including CYNK.

https://otce.finra.org/otce/dailyList?viewType=Additions

[janice shell]

It's awhile, but it usually takes about two years, in case someone at the company objects.

And there was COVID. FINRA and the SEC were mostly working from home.

[Renee]

Ah yes....I had forgotten about the litigation that had not finalized until 2018. Still.....2018 to 2022 is quite a long time to delete the ticker/symbol.

At least it is now a fait accompli.

[janice shell]

The litigation didn't end until 2018. That may have had something to do with it.

https://www.sec.gov/litigation/litreleases/2018/lr24325.htm

[Renee]

Wonder why it took FINRA 10 lonnnnnnnnnng years to finally delete the symbol.

[janice shell]

And so we bid adieu to CYNK. A huge scam, but that was nearly 10 years ago.

[Renee]

CYNK: inactive security. FINRA deleted symbol:

https://otce.finra.org/otce/dailyList?viewType=Deletions

[Ole Broke Azz]

https://www.sec.gov/litigation/litreleases/2018/lr24325.htm

[janice shell]

Yes, it would. And even if they set him up in a sting operation, I think he could get away with it. He wasn't all that well known, and there aren't many photos of him online.

[BillyBarty14]

it would go a long toward explaining the slap on the wrist for him in particular and the sealing of almost all associated with this case.

[janice shell]

Any subsequent co-operation is not entirely clear, however.

Word is Kueber is now working as a confidential informant for the authorities...

[BillyBarty14]

SEC defendant Kueber avoids jail


2017-12-08 12:46 PT - Street Wire

Also Street Wire (U-CYNK) Cynk Technology Corp

by Mike Caswell

Kelowna's Phil Kueber has avoided a jail term, receiving three years of probation for his part in the manipulation of Cynk Technology Corp., a pink sheets listing that was briefly worth $4.5-billion. (All figures are in U.S. dollars.) He received the sentence in a court appearance on the morning of Friday, Dec. 8, before New York Judge Leo Glasser. The three years of probation is in addition to a $1.2-million forfeiture order that Mr. Kueber previously agreed to.

Prosecutors claimed that Mr. Kueber participated in the manipulations of Cynk and another company, Vision Plasma Systems Inc. According to the government, he recruited friends and associates to serve as nominee shareholders. In the subsequent manipulation, Cynk went to a $13.90 high before being halted.

Mr. Kueber's sentence is considerably lighter than those of others charged in the scheme. Those others include West Vancouver resident Gregg Mulholland, who is serving 12 years in jail, and former B.C. dentist Robert Bandfield, who is serving six years. Part of the reason that Mr. Mulholland and Mr. Bandfield received jail terms is the larger role that they played in the scheme. Mr. Bandfield, 72, was the architect of a money laundering operation that contributed to the manipulations of Cynk and many other companies, prosecutors said. Similarly, prosecutors said that Mr. Mulholland was responsible for 40 manipulations, contributing to "one of the largest market manipulation schemes ever charged in this district."

Phil Kueber
MEETME
Phil Kueber
Undoubtedly playing a part in Mr. Kueber's light sentence is the fact that he co-operated with the government. After he was charged, he voluntarily went to the U.S. from Canada and entered a guilty plea. Any subsequent co-operation is not entirely clear, however. Many of the documents surrounding his participation in the case are sealed, including all of the sentencing materials.

The charges against Mr. Kueber and the others are contained in a superseding indictment that prosecutors filed on Aug. 5, 2015, in the Eastern District of New York. Much of the indictment contained allegations against IPC Corp., an entity run from Belize that prosecutors claimed aided in manipulations that generated $500-million. According to prosecutors, IPC had more than 100 corrupt clients who used the firm to secretly buy and sell public companies and then launder the proceeds.

The indictment identified one of IPC's largest clients as Mr. Mulholland. He used a complex offshore structure to conceal fraudulent activity and evade U.S. laws, according to prosecutors. Mr. Kueber, in turn, was working on Mr. Mulholland's behalf.

Mr. Kueber's role in the scheme was mostly with the manipulation of Cynk. The company purportedly ran a social networking website, but was secretly controlled by Mr. Kueber and Mr. Mulholland, the indictment stated. The men had acquired all of the company's tradable shares between 2011 and 2014.

The manipulation, as described by prosecutors, took place over a few weeks beginning on May 15, 2014. Prior to that date, the stock had not traded for 24 business days and was under 10 cents. Over the following weeks, it suddenly traded millions of shares and rose to a $13.90 close. According to prosecutors, the company's rise was only because of fraudulent activity by Mr. Mulholland. They said that the company had no revenue or assets, yet was worth over $4-billion.

The Cynk manipulation came to an abrupt end on July 11, 2014, when the U.S. Securities and Exchange Commission suspended the company, citing a possible manipulation in progress. (By that point the company had attracted significant attention. Reporters who attempted to find its office in Belize discovered that the address did not exist. There were also many questions surrounding its purported business.) After the SEC's halt, the stock fell to 60 cents.

Prosecutors also linked Mr. Kueber to the manipulation of Vision Plasma, a company that supposedly sold systems to remediate hazardous waste. The indictment did not say exactly what his role was with Vision Plasma, only accusing him of participating in a fraudulent conspiracy to manipulate the stock. The manipulation took place in August, 2012. That month Montreal touting website Awesome Penny Stocks (which was not charged in the case) advertised Vision Plasma as a pick. The stock substantially rose afterward, going to 39 cents from 14 cents on volume of 308 million shares. Meanwhile companies that Mr. Mulholland controlled sold 83 million shares, realizing $21-million in gains, prosecutors claimed.

The charges against Mr. Kueber were conspiracy to commit securities fraud, money laundering conspiracy and two counts of securities fraud. He pleaded guilty to conspiracy to commit securities fraud and money laundering conspiracy.

In addition to the criminal charges, most of the defendants, including Mr. Kueber, are facing a parallel civil case from the SEC. That case has been on hold.

© 2017 Canjex Publishing Ltd. All rights reserved.

[GoAndCollect]

if you read those 80 steps you know what world we are in lol.
Everything is fake an corrupt here , everything inclusive the SEC lol

[MorningLightMountain]

he used a "rat hole"!!!!!!!!!! (or many, many holes.......)

[janice shell]

The SEC sues Phil Kueber for his role in the CYNK scam:

http://www.sec.gov/litigation/complaints/2015/comp-pr-2015-157.pdf

[janice shell]

Yes. Mulholland still owes the SEC more than $5 million for the Rudy mess. He settled with them, but then left the country and refused to pay.

[janice shell]

If that's the case who profited off the short sales from $21 down to 15 cents?

Probably no one. CYNK touched 21.96 the day before it was suspended. It was by then impossible to short, and had been for several days.

But is there something wrong with shorting a scam?

[madeindet]

Here's one going back to 2011......
Securities and Exchange Commission v. Daniel E. Ruettiger, Rocco Brandonisio, Stephen DeCesare, Pawel P. Dynkowski, Kevin S. Kaplan, Gregg R. Mulholland, Mehmet Mustafoglu, Joseph A. Padilla, Angelo R. Panetta, Kevin J. Quinn, Andrea M. Ritchie, Chad P. Smanjak, and Gary J. Yocom, Civil Action No. 2:11-CV-02011 (D. Nev.)


https://www.sec.gov/litigation/litreleases/2011/lr22198.htm (2011)

http://www.sec.gov/litigation/litreleases/2014/lr23162.htm (2014)

[madeindet]

If that's the case who profited off the short sales from $21 down to 15 cents? Are those also considered I'll-gotten gains by those entities or individuals?

[janice shell]

Well… CYNK was flying all kinds of red flags. Plenty of people warned about what was going on.

Legacy's been involved in all kinds of penny scams. I suspect the Feds have most of the numbers by now...

[UnderR8D]

Kinda stinks for those people who got stuck in this mess ; I mean if the government knew it was a scam before it happened and such , guess they don't mind leaving behind collateral damage ...

He certainly didn't make 300 million on CYNK , wonder what other stocks he had his hands on ...

[janice shell]

There may be additional charges, but I think the reason they let the pump play out--and in this case they didn't let it play out for long, only a few days before they suspended--was that they wanted to be able to show in court that Mulholland's entities were making tens of millions on the CYNK scam. I'm sure it's easier to get a conviction when you can prove to a jury that the defendant profited enormously, rather than just planned to do so.

And don't forget that others have already been charged in connection with related crimes in the Bandfield case.

[meikodog]

Interesting, so 'Mulholland was intercepted on a court-authorized wiretap in May 15, 2014' acknowledging owning the entire float of CYNK, and more than a month later CYNK starts its run from .06 to over $21 and a $6 billion dollar paper value. And yesterday charges are announced by the US attorney, the FBI, the IRS and Homeland Security. It would seem that a significant number of key government entities were curious to see how CYNK would play out over more than 3 weeks of trading before a halt, perhaps to see what other players got involved. At the very least I would expect some additional charges to be filed against others in the coming weeks. Why else let that much money bounce around when you knew in advance what was going on?

[janice shell]

Good to see them move relatively fast.

[scion]

According to the complaint unsealed this morning in Brooklyn federal court, between 2010 and 2014, Mulholland controlled a group of individuals (the Mulholland Group) who together devised three interrelated schemes to: (a) induce U.S. investors to purchase stock in various thinly-traded U.S. public companies through fraudulent promotion of the stock, concealment of their ownership interests in the companies, and fraudulent manipulation of artificial price movements and trading volume in the stocks of those companies; (b) circumvent the IRS’s reporting requirements under the Foreign Account Tax Compliance Act (FATCA); and (c) launder the fraudulent proceeds from the stock manipulation schemes to and from the United States through five offshore law firms. Through this scheme, the Mulholland Group laundered approximately $300 million in fraudulent proceeds.

To facilitate these interrelated schemes, the complaint charges that the Mulholland Group used shell companies in Belize and Nevis, West Indies, which had nominees at the helm. This structure was designed to conceal the Mulholland Group’s ownership interest in the stock of U.S. public companies, in violation of U.S. securities laws, and enabled the Mulholland Group to engage in numerous “pump and dump” schemes. This structure enabled the Mulholland Group to manipulate the stock of Cynk Technology Corp, which traded on the U.S. OTC markets under the ticker symbol CYNK. Using aliases such as “Stamps” and “Charlie Wolf,” Mulholland was intercepted on a court-authorized wiretap in May 15, 2014, admitting to his ownership of “all the free trading” or unrestricted shares of CYNK. Prior to this May 15, 2014 conversation between Mulholland and his trader at Legacy, there had been no trading in CYNK stock for 24 trading days. Over the next two months, the stock of CYNK rose from $0.06 per share to $13.90 per share, a more than $4 billion stock market valuation for a company that had no revenue and no assets.

Mulholland used the services of a U.S.-based lawyer to launder the $300 million generated through his stock manipulation of CYNK and other U.S. companies—directing the fraud proceeds to five law firm accounts and transmitting them back to members of the Mulholland Group and its co-conspirators. These concealment schemes enabled Mulholland to evade reporting requirements to the IRS.

Secret Owner of Offshore Brokerage Firm Arrested for Alleged Leadership Role in a $300 Million Securities Fraud and Money Laundering Scheme

Defendant Charged with Participating in Numerous Market Manipulation Schemes, Including the Manipulation of Cynk Technology Corp (CYNK)

U.S. Attorney’s Office
June 23, 2015 Eastern District of New York [phone]
https://www.fbi.gov/newyork/press-releases/2015/secret-owner-of-offshore-brokerage-firm-arrested-for-alleged-leadership-role-in-a-300-million-securities-fraud-and-money-laundering-scheme

[janice shell]

CYNK was a penny stock scam. If you read back on the board, you'll find many links to articles that--if you read them all--will give you a good idea of what happened.

The company never actually did anything at all, and never will, so yes, even though it crashed, it's still overvalued.

[Eike]

Good afternoon,
I operate in the Brazilian market and left here the news of CYNK, absurd valuation.
I joined the forum 6 months and would like to learn.
Happy 2015!

[Eike]

Good afternoon,
I operate in the Brazilian market and left here the news of CYNK, absurd valuation.
I joined the forum 6 months and would like to learn.
Happy 2015!

[cristianhuallpa]

News??

[d5wr59mfi8]

I think they were right, the days and days of 0 volume. CYNK is booming.............

[haddon]

?

[DrContango]

Awesome, MountainMan!

First, to keep this message ON-TOPIC, I think that CYNK is a screaming BUY, don't you?

But I'm pretty sure our man was speaking Jibberish, not Jive.

I was spurred, however, to use other translation software this morning!

http://www.degraeve.com/cgi-bin/babel.cgi?d=rot13&url=http%3A%2F%2Finvestorshub.advfn.com%2Fboards%2Fread_msg.aspx%3Fmessage_id%3D106165130&w=

He's making a lot more sense now!



Doc

[MorningLightMountain]

[janice shell]

Good work.

[DrContango]

Good morning, Janice.

I finally figured out what our favorite poster is saying.

I pasted each message into Google translate.

Google auto-detected the input language as "Jibberish"

Not surpringly the output each time was "Jibber Jabber, Jibber Jabber"

Doc

[janice shell]

I don't know where you bought, but it's quite unlikely that you'll make money. You will, however, learn a Valuable Lesson about penny stocks.

CYNK will not be coming back, even temporarily. On Monday, the SEC sued two of the people involved, and the DOJ announced the indictment of others, including Legacy, Titan, and Unicorn's owners.

[eddy2]

I will get out and one way is to develop a new lower position then propel it up to were we are today or run it up from here to get out of my short position " a position below what I paid for the shares".


The other is ride a loss against some of my years gain and carry the rest forward but let me say I don't loose money in the long run and never have. I can be down some here or there but will use other trades to offset a bad trade.


As they say never have all your eggs in one basket cause that is just greedy and a act of desperation. I will get out of this my friends making money maybe not great money but it would be nice you guys work with me here on this.

[janice shell]

That's what they're already worth: nothing.

[eddy2]

A share could be worth tomorrow.

[traderwithsense]

It is called shorts pumping... Cynk was bad for shorts..

[traderwithsense]

Agree shorts r trapped.. Love it..

[Windbag1014]

I just pushed the red x to get CYNK off my list today. If a nut falls in the forest, does anyone hear? Not if you don't listen I guess.

[DrContango]

WindBag:

When I read certain posts on this board, I can't help but think of a patient that I once had...

Doc

PS Please don't report a HIPAA violation!

[Windbag1014]

Turn off the lights when you're done.

[eddy2]

What I will touch on today is structuring of a company by international accounting standards.

First one has to understand how three entities are represented in revenue, as well as outstanding shares and how one will underwrite the other while one will be public, the other two private as well they can be of different business were one has no revenue with a lost and the other two could hold revenue of a significant size.


The three entities one being off the balance sheet were none liability debt represents the underwriting of equity as well as authorized shares and I will get into that in a bit. Revenue will be represented in the income statement often in the bottom half were the top half is represented by the public trading going concern of the newly formed entity.


The off balance sheet entity earnings as well as debt " equity " is represented in the bottom section of the equity portion of the balance sheet as well as revenue being negative or positive depending on brackets as well as wording in the notes associated in the financials or a sub addition of the financials.


One entity can go into a BK situation " chapter 11" while owing to another entity and its shareholders be it the one on the balance sheet or the one off the balance sheet or maybe both this debt is noted by following the history of the cash flow statement of the two entities on the balance sheet.


This maybe very complex to many investors but once followed and understood it becomes much easier too understand. An entity that has not gone bankrupt weather private or public has to trade in a twenty year period.


Do your DD at your local library to confirm what I have stated here for your selves. I'm not an accountant or hold any type of business degree but the degree of hard knocks and self study along with rewards from my pursue too understanding how it all works.

[janice shell]

No, Eddy. I've explained the situation. There is no "work" to be done.

[eddy2]

Work with me here.

[janice shell]

It seems Eddy's used to financial reports featuring numbers to which one must add three zeros. But of course CYNK doesn't do its financials that way.