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SEC suspends trading CYNK technologies, possible manipulation
- Thread starter dealmaker
- Start date
Someone is holding inventory hoping to dump it to a greater fool.
That person must be shittting in their pants.
That person must be shittting in their pants.
Look for upgrades then you know it will be a dump scheme.
My guess is the most of the trading is between two counter parties to push the stock up.
Their hope is probably to then get suckers involved to sell their positions to.they may not have realized that there are 210MM shares locked up giving the company a press worthy story as the stock rallied.
If this crazy amount of stock didn't exist then no one notice as the stock only trades about 1mm notional a day.
Someone screwed up and manipulated the wrong stock
Their hope is probably to then get suckers involved to sell their positions to.they may not have realized that there are 210MM shares locked up giving the company a press worthy story as the stock rallied.
If this crazy amount of stock didn't exist then no one notice as the stock only trades about 1mm notional a day.
Someone screwed up and manipulated the wrong stock
One guy from Belize bought 210,000,000 shares in February.
His shares were worth 2,900,000,000 on Thursday.
The SEC is a fucking worthless corrupt government agency.
His shares were worth 2,900,000,000 on Thursday.
The SEC is a fucking worthless corrupt government agency.
One guy from Belize bought 210,000,000 shares in February.
His shares were worth 2,900,000,000 on Thursday.
The SEC is a fucking worthless corrupt government agency.
- It appears that 1 shareholder has 75% of the shares.
- Total volume of sales, prior to june 17 when everything started, was 161700 shares for a period of 11 months. So now average daily volume is 113844 shares, before it was 222 shares. Or a rise off 51281%.
- Value of these 161700 shares was in total 24734$. Since june 17 total sales are 11026039 $. Or 44578% more.
- There has been not a single statement to explain what happened.
- The company is an empty box with only losses.
- And it is a penny stock.
- The rumour that one guy from Belize bought 210,000,000 shares in February is not correct as there were only 161700 shares sold in the 11 month period which included february. It is als a coincidence that this man is from Belize, an exotic place where regulations are not very reliable, if not corrupt. And difficult to trace real persons behind corrupt structures.
WHY DOES THIS HAPPEN? A possible explanation:
It reminds me of the Volkswagen-Porsche catastrophy for shorters a few years ago.
- Stocks rise very sharply.
- Prices are too high and there are rumours that the stock will plunge.
- Shorters start to short the stock and borrow shares from the existing shareholders.
- When short positions are very big, shareholders ask their shares back and shorters have to buy real shares to cover their short position.
- Because almost all shares are in one hand prices explode and shares will reach very high prices again because shorters will have to buy at any price.
This scenario is better then pushing prices up and try to sell then. They can sell much more shares because once shorters have a position they cannot escape anymore.
http://europe.autonews.com/article/...missal-of-hedge-funds-suit-over-failed-vw-bid
Hedgefunds lost 1.4 billion euro.
Hedgefunds lost 1.4 billion euro.
"You and I start a company.
It issues 300 million shares, 150 million to me and 150 million to you, for no consideration.
The company has no assets, does nothing, and is worth $0.
On Monday, I sell you 10,000 shares for $1 each. All of a sudden we have a $300 million company.
On Tuesday, you sell me back those 10,000 shares for $2 each. Now we have a $600 million company.
On Wednesday, we find some suckers and say "hey, this $600 million company is poised to take off! It was up 100 percent just yesterday! Get in while there's still value!"
The suckers, being suckers, buy 100,000 shares for $2 each.
Now we have $200,000 of the suckers' money, which we split.
We flee to, I don't know, Belize."
http://www.bloombergview.com/articl...e-case-for-buying-friends-naked-short-selling
It issues 300 million shares, 150 million to me and 150 million to you, for no consideration.
The company has no assets, does nothing, and is worth $0.
On Monday, I sell you 10,000 shares for $1 each. All of a sudden we have a $300 million company.
On Tuesday, you sell me back those 10,000 shares for $2 each. Now we have a $600 million company.
On Wednesday, we find some suckers and say "hey, this $600 million company is poised to take off! It was up 100 percent just yesterday! Get in while there's still value!"
The suckers, being suckers, buy 100,000 shares for $2 each.
Now we have $200,000 of the suckers' money, which we split.
We flee to, I don't know, Belize."
http://www.bloombergview.com/articl...e-case-for-buying-friends-naked-short-selling