Skip to comments.Trading halted in mystery stock CYNK after runup
Posted on 07/11/2014 6:20:02 AM PDT by Citizen Zed
Federal regulators on Friday halted trading in CYNK Technology [ CYNK 13.90 +0.00 (+0.00%) ], the mysterious over-the-counter stock that ran from a few cents to over $21 in a month.
The stoppage was ordered at 8 a.m. EDT by the Financial Industry Regulatory Authority for an "extraordinary event," according to the OTC Bulletin Board.
Read More Penny stock soars to $6B, and even the auditor is perplexed
(Excerpt) Read more at mob.cnbc.com ...
this was classic pump&dump but someone made a SERIOUS amount of money on that run up. Probably building the next low key Soros or someone.
My wife actually rode one of these self-promoted stocks by accident. She was looking at OTC stocks, saw one that was starting to move, rode it from less than a buck to $20 before selling. Collapsed shortly thereafter when it was found that the company had hired a firm to spread false information that showed a much rosier condition for the company than existed. Te principles were investigated, but since wife had no contact other than a stock investor, we walked smiling to the bank.
Slick willie in the CYNK for 100 Alex?
Is this the Hillary campaign fund?
Probably not. Why should she bother with a 2 million percent stock increase, when she can earn a quarter million by just giving a speech?
CNBC participates with special promoters to “feature” companies.
Zero Hedge has a good take on this one.
Had a buddy who was running with some stock on the “vancouver” stock exchange some time ago. One day it just had no bid. He called his broker and asked what was the news? Broker told him: it is on the tape. He asked where and the guy said right they next to the bid. ZERO.
The point being the old “exchange” was desks in a room where guys ran up penny stock prices and then killed them whenever the mood struck them. To keep the facade, there were a handful of decent stocks but a good number of the rest were shams.
Wall Street does this every day but in much smaller amounts so as to not attract attention. There have been big ones like Facebook and Twitter that use phoney numbers of users to boost the stock price. They give money back to the Wall Street firms and the democrat party as a kickback for the fraud.