Canadian pleads guilty over Cynk trades, $300 million fraud

CYNK Technology

24/09/2015 15:23

NEW YORK, Sept 24 (Reuters) - A Canadian man charged in 
connection with a $300 million penny-stock manipulation fraud 
that prosecutors say drove the market value of little-known Cynk 
Technology Corp  CYNK.PK  past $6 billion pleaded guilty on 
Thursday to two conspiracy charges. 
    Philip Kueber, 54, pleaded guilty in federal court in 
Brooklyn, New York, to charges he conspired to commit securities 
fraud and money laundering. 
    He was the first of nine defendants to admit wrongdoing in 
connection with the scheme. 
    "I knew what we did was against the law, and I accept 
responsibility for my actions," he said. 
 
 (Reporting by Nate Raymond in New York; Editing by Chizu 
Nomiyama) 
 ((Nate.Raymond@thomsonreuters.com and Twitter @nateraymond; 
646-223-6752; Reuters Messaging: 
nate.raymond.thomsonreuters.com@reuters.net)) 
 
Keywords: USA FRAUD/CYNK TECHNOLOGY