SEC halts trade in Cynk over possible stock manipulation

U.S. regulators on Friday suspended trading in Cynk Technology Corp, citing possible market manipulation in the one-time penny stock whose market value rocketed within weeks from less than $20 million to more than $6 billion. After the virtually unknown company with no assets or revenue skyrocketed in value for no apparent reason, the Securities and Exchange Commission and Financial Industry Regulation Authority (FINRA) decided to pull the plug. Listing its business address in Belize but filing out of Nevada, the company said it intended to create a social network business. The SEC issued its suspension shortly afterward, extending the trading hiatus through July 24.



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