Cynk Sinks [and Stinks]

Cynk Lives Up to Its Name

Excerpt:

Shares of Cynk Technology Corp. tumbled 85% Friday after trading resumed following a two-week halt imposed by regulators. Cynk, which describes itself as a social network, dropped $11.80 to close at $2.10. The Securities and Exchange Commission this month halted all trading in the stock, citing concerns about "potentially manipulative transactions" in the shares. Cynk's stock soared earlier this year, trading as high as $21.95 after spending much of the spring between six and eight cents a share. Cynk has no revenue, no assets and one employee. The company, whose mailing address is listed in Belize City, Belize, has had four chief executives since 2008. It was founded in Las Vegas under the name Introbuzz. The company couldn't be reached for comment.

Comment: Previously ...

CYNK: A Cautionary Tale of a Penny Stock

After a 25,000 per cent surge, SEC halts trading in CYNK Technology
Excerpt:

The company’s sudden rise from a penny stock to a $6-billion valuation – the same as BlackBerry Ltd. – has captured the attention of regulators and the financial community for many reasons: it has only one employee, no revenue, no assets, no one seems to know what it does or whether it actually exists.... The bizarre tale of the mystery social networking site begins with its founding as Introbuzz by Las Vegas event promoter Kenneth Carter in May 2008.

Comment: More from the WSJ: Market Capitalization Shot Up to $6 Billion; Regulator Flags 'Potentially Manipulative Transactions'

Usa Graphite Inc. (USGT) Penny Stock scam

The Scam works by moving the price. Investor would be buying worthlessness.

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