Penny stock scams, while widely publicized, still persist.
One of the most high-profile penny stock scams of 2014 has come to a fitting end.
By Diane Alter, Contributing Writer, Money Morning -
Penny stock scams, while widely publicized, still persist.
One of the most high-profile penny stock scams of 2014 has come to a fitting end.
Here's the penny stock, the person behind the ruse, and the outcome.
By Diane Alter, Contributing Writer, Money Morning -
Penny stock scams, while widely publicized, still persist.
One of the most high-profile penny stock scams of 2014 has come to a fitting end.
Here's the penny stock, the person behind the ruse, and the outcome.
By David Zeiler, Associate Editor, Money Morning • @DavidGZeiler -
The ugliest chapter in the strange story of CYNK Technology Corp. (OTC: CYNK) played out this morning (Friday) as the U.S. Securities and Exchange Commission's trading halt was lifted.
CYNK stock, which soared more than 24,000% in less than four weeks from mid-June to mid-July, cratered more than 80% at the open, falling from $13.90 to $2.50.
"There was probably a lot of money made and lost in this," Michael Block, chief strategist at New York-based Rhino Trading Partners LLC, said.
That leaves just one question: How did this happen?
By David Zeiler, Associate Editor, Money Morning • @DavidGZeiler -
Sometimes even a 24,000% gain can be a bad thing, especially if it involves a very dicey penny stock.
CYNK Technology Corp. (OTC: CYNK) spiked from $0.10 in mid-June to a Wednesday closing price of $14.71 in less than four weeks. But according to publicly available data, CYNK has never earned any revenue and had lost $1.5 million as of the end of 2013. Oh, and the company has no assets, either.
How could a penny stock like CYNK soar so dramatically, and who might be orchestrating it?
That's what everyone wants to know...