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by Mike Caswell

Gregg Mulholland, the West Vancouver resident arrested in the United States on charges of securities fraud and money laundering conspiracy, has pleaded not guilty. He entered the plea in an appearance on Monday, Aug. 10, before New York District Court Judge Leo Glasser. The judge ordered that he remain detained.

Prosecutors claim that Mr. Mulholland, 46, was one of those behind the fraudulent manipulation of Cynk Technology Corp., a pink sheets listing that was briefly worth $4.5-billion in 2014. (All figures are in U.S. dollars.) He controlled a large block of the company's shares, with the stock hidden through a complex offshore structures, the government said. Mr. Mulholland's alleged control continued when the stock went to $13.90 from six cents over a two-month period.

His not guilty plea comes almost two months after U.S. authorities detained him at the Phoenix International Airport. He had been on a flight to Mexico from Canada, but the flight had a layover in Phoenix. During that stop he was arrested on a sealed criminal complaint, and has remained in jail since. (He is residing at Brooklyn MDC. The jail houses about 1,900 inmates, most of whom are awaiting trial. Among them is Sandy Winick, the Toronto man who recently pleaded guilty to an unrelated $140-million scheme that included the pump-and-dumps of 11 U.S. listings.)

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