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Canadian pleads guilty over Cynk trades, $300 million fraud

Published 2015-09-24, 10:23 a/m
© Reuters. Canadian pleads guilty over Cynk trades, $300 million fraud
CYNK
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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.

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