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SEC target Mulholland sentenced to 12 years

2017-02-06 15:39 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-CYNK) Cynk Technology Corp

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by Mike Caswell

West Vancouver resident Gregg Mulholland has received 12 years in jail for his part in a scheme that defrauded investors of $250-million or more. (All figures are in U.S. dollars.) He has also been ordered to forfeit a private jet and two properties. Mr. Mulholland received the sentence in an appearance on Monday, Feb. 6, before New York Judge Leo Glasser. The jail term represents the full sentence that prosecutors had sought.

The government claimed that Mr. Mulholland, 47, was part of a scheme to fraudulently manipulate several U.S. listings and then launder tens of millions in proceeds. The stocks included Cynk Technology Corp., a purported social networking company that was briefly worth $4.5-billion in 2014. Mr. Mulholland pleaded guilty to the charges on May 9, 2016.

In handing down the 12-year term, the judge clearly rejected pleas for leniency from Mr. Mulholland. Ahead of sentencing, Mr. Mulholland said that it was grossly unfair to attribute the entire proceeds of the scheme to him. Prosecutors had pegged losses to investors at over $250-million, but Mr. Mulholland said that his personal gains amounted to just $9-million.

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Please forward Mr. Mulhollands incarceration address, as I would like to send a tube of lube. He has suffered enough.

*Note to Mulholland, please enjoy your 12 years. I think you will make a lot of new friends if you know what I mean.

Posted by Matt at 2017-02-06 16:35

Please forward Mr. Mulhollands incarceration address, as I would like to send a tube of lube. He has suffered enough.

*Note to Mulholland, please enjoy your 12 years. I think you will make a lot of new friends if you know what I mean.

Posted by Matt at 2017-02-06 16:38


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