08:04:45 EDT Fri 29 Mar 2024
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SEC defendant Kueber avoids jail

2017-12-08 15:46 ET - Street Wire

Also Street Wire (U-CYNK) Cynk Technology Corp

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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."

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