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 Post subject: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 7:43 pm 
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http://www.bbc.com/news/business-28270266

Quote:
The US Securities and Exchanges Commission (SEC) has suspended trading in Cynk Technology after shares in the little-known social networking firm surged more than 23,000% in the past month.

Documents showed the firm - which is registered in Nevada with an office in Belize City, Belize - had no revenue and one employee.

....


Shares in Cynk jumped from six cents in early June to $13.90 (£8.11) on Thursday, despite uncertainty about its business and revenue structure. That values places the firm at a valuation of close to $4bn - just slightly above the valuation of airline JetBlue.

Looks like someone’s "pump-n-dump" scheme went critical!

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 8:10 pm 
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yep - and a load of people got squeezed really badly on the short side; insane and disgraceful in equal measure.

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 8:17 pm 
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Daniel Plainview wrote:
yep - and a load of people got squeezed really badly on the short side; insane and disgraceful in equal measure.



Wouldn't be surprised if they reverse some trades.

BTW Grumpy reported on this earlier in the piston, but I'm on an iPad and don't wanna risk merging.


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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 8:58 pm 
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Surely there's an Irish connection?

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 11:19 pm 
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Mantissa wrote:
Surely there's an Irish connection?



Probably a few investors!

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 11:21 pm 
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Grumpy's original post in the first thread on this topic links to a article with a heading picture of a listing cargo ship.

http://www.businessinsider.com/cynk-goe ... ive-2014-7

Cynk = Sync = Sink

Dust down your soul.
The RISE is about to get a little more interesting.

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 11:26 pm 
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I wonder why the SEC is getting involved? If morons buy shares in a company without five minutes research, is that a crime?


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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 11:36 pm 
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Barney Gumble wrote:
I wonder why the SEC is getting involved? If morons buy shares in a company without five minutes research, is that a crime?


Because this was in the US, not Ireland. Financial regulation is occasionally taken seriously.

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Fri Jul 11, 2014 11:47 pm 
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Mantissa wrote:
Barney Gumble wrote:
I wonder why the SEC is getting involved? If morons buy shares in a company without five minutes research, is that a crime?


Because this was in the US, not Ireland. Financial regulation is occasionally taken seriously.


Yes, in Ireland we have Bank Holidays, you get a day and Permanent Regulation Holidays can last a lifetime! :D

... getting back to more serious matter, now on 11/7 or 7/11 SEC suspend trading of Cynk, http://www.sec.gov/litigation/suspensio ... -72594.pdf

What would Christine LeGarde say? :x

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Sat Jul 12, 2014 10:23 am 
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This pump & dump brings me back to 1996.

I was working as a trader in NY when one of my bosses got wind of a company with the ticker IDID.

He had just taken out a $50,000 loan to buy a new kitchen.

Decided to use €25,000 to buy shares.

I asked him what the company did and he goes 'No idea !'.

His wife was not happy with the outcome.

The internet was in it's infancy in 1996, but found this anyway.


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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Sat Jul 12, 2014 10:58 am 
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Who sees the word "sync" and who sees the word "cynic"?


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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Sat Jul 12, 2014 1:28 pm 
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someone cheated a lot of algorithms.

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Sun Jul 13, 2014 12:21 am 
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mr_anderson wrote:
This pump & dump brings me back to 1996.

I was working as a trader in NY when one of my bosses got wind of a company with the ticker IDID.

He had just taken out a $50,000 loan to buy a new kitchen.

Decided to use €25,000 to buy shares.

I asked him what the company did and he goes 'No idea !'.


FYI the answer is

Quote:
Company Profile for Comparator Systems Corp (IDID)
Comparator Systems Corporation researches and develops a software-based digital fingerprint comparison system. The Company's system accurately verifies the identities of persons such as credit card users, check cashers, ATM customers, surgical patients, airline passengers and crews, resident aliens, and more. Comparator also produces English and Spanish language accounting systems.

The Chairman and CEO was a Thomas C Hanscome. When you google him you get

Quote:
Some results may have been removed under data protection law in Europe. Learn more


Perhaps because a Thomas C Hanscome is subject to a Consent Decree for stock pumping in Connecticut. Surely a coincidence.

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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Sun Jul 13, 2014 12:27 am 
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Ahh the memories.


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 Post subject: Re: Cynk Technology shares suspended after surging 23,000%
PostPosted: Sun Jul 13, 2014 1:05 pm 
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Manipulating shorts?

Quote:
But the "good" short sellers here get hammered, more even than regular pump-and-dump suckers do. I mean, they get hammered in the theoretical story that I just told. They definitely got hammered in the real world of Cynk


http://www.bloombergview.com/articles/2 ... rt-selling

http://seekingalpha.com/article/2309115 ... me-in-town

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