This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has filed civil charges against Kelowna's Phil Kueber, claiming he fraudulently controlled Cynk Technology Corp., a mysterious pink sheets company that was briefly worth $4.5-billion last year. (All figures are in U.S. dollars.) The SEC says he held shares of Cynk through offshore nominees and appointed straw officers to run the company. The regulator is seeking to permanently ban Mr. Kueber from penny stocks.

The allegations against Mr. Kueber come after Cynk went to a $21.95 high on July 10, 2014, up from six cents just weeks earlier. The company purportedly ran a social network website, but it had no revenue and appeared to have no active business. Reporters who attempted to find the company's Belize office discovered that its address did not exist. The stock's sudden rise also attracted the SEC's attention. On July 11, 2014, the regulator halted Cynk, citing a possible manipulation in progress.

MEETME

Phil Kueber

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS