US SEC charges man they say is behind the CYNK Technology fraud

July 31, 2015 8:55 PM

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WASHINGTON, July 31 The U.S. Securities and Exchange Commission filed civil fraud charges on Friday against a man they say is behind a pump-and-dump scam involving CYNK Technology, a penny stock company that briefly rose to a $6 billion value despite having no revenue.

The SEC said that Phillip Thomas Kueber filed a false and misleading registration statement for the company, and then enlisted a small group of "straw" shareholders to conceal his control of the company's non-restricted shares.

Also read: SEC: Man Hid Money to Avoid Paying $6M Fine in Fraud Case

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