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Penny Stock Scams: CYNK Technology (CYNK) Manipulation Triggers Arrest

By , Contributing Writer, Money Morning -

penny stock scams

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.

CYNK Stock Punishes Speculators with 80% Drop

By , 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?

The CYNK Stock Trap: When to Ignore a 24,000% Gain

By , 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...

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