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Van Sun says SEC target Mulholland awaits trial in N.Y.

2015-08-12 07:07 ET - In the News

Also In the News (C-*BCSC) BC Securities Commission

The Vancouver Sun reports in its Wednesday edition Gregg Mulholland, currently residing in the Brooklyn Detention Complex, is selling his West Van mansion in Mathers Avenue. The Sun's Jeff Lee writes Mr. Mulholland, 45, is in New York awaiting trial on a stock fraud scheme U.S. regulators say he and his colleagues carried out between 2010 and 2014. Mr. Mulholland pleaded not guilty on Monday to accusations he ran a $300-million penny stock manipulation fraud that, among other things, drove the market value of a virtually worthless company, Cynk Technologies, to more than $6-billion last summer before regulators pulled the plug. Prosecutors say Mr. Mulholland was the secret owner of an offshore brokerage, Legacy Global Markets SA, which he used to inflate the value of hundreds of worthless companies before dumping them. Among the co-indicted is Phillip Thomas Kueber, of Kelowna. Mr. Kueber is known to B.C. securities authorities as a penny stock promoter. Mr. Kueber has now hit the big time with the U.S. Securities and Exchange Commission, which in July charged him with civil fraud for his role in the Cynk scheme, in which stock rose to more than $21 from less than 10 cents over the course of a month.

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