Canadian man pleads guilty over penny stock fraud that pushed Cynk Technology to a $6 billion value

Introbizsite.introbiz.comThis was the homepage for Cynk

A Canadian man charged in connection with a $US300 million penny-stock manipulation fraud that prosecutors say drove the market value of little-known Cynk Technology past $US6 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 wrong doing 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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This article originally appeared at Reuters. Copyright 2015. Follow Reuters on Twitter.

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