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Cynk Technology Had An Auditor

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Two, actually! And a lawyer. And it wasn’t the only high-flying penny stock said accountants and said attorney have worked for. Go figure.

The SEC is looking at whether some lawyers and accountants are liable for helping to enable penny-stock frauds, either by signing off on phony information or simply not asking the right questions, said people close to the agency….

As well as Cynk, Mr. Messineo conducted audits or prepared financial statements for a number of other tiny companies that saw their share prices surge despite little evidence of actual business prospects, according to securities filings.

One was a former games company that shifted to fish-farm products, and another was a digital-imaging firm whose 28-year-old chief executive was formerly a manager of a fireworks store.

SEC Casts Wide Net in Probe of Microcap Stock Cynk [WSJ]



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