The U.S. Securities and Exchange Commission suspended trading Friday of Cynk Technology Corp., a mysterious social network operator whose stock price skyrocketed, despite having no members, no revenue, and no assets. The SEC ordered the stoppage because of concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Cynks common stock. Its most recent SEC filing, by Cynks lone employee Marlon Sanchez, listed its headquarters at an office building in Belize City, Belize, but its suite does not exist, the building secretary told Bloomberg. Jacob Frenkel, a securities attorney at Shulman Rogers and a former SEC enforcement official, told The Wire Cynks appearance as a small tech company made it a challenge for the SEC to track.
Trading Suspended on Mysterious Company Worth $4 Billion Despite Making No Money
12
Jul
2014
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