Canadian pleads guilty over Cynk trades, $300 million fraud

Thu Sep 24, 2015 10:23am EDT
 
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NEW YORK, Sept 24 (Reuters) - A Canadian man charged in connection with a $300 million penny-stock manipulation fraud that prosecutors say drove the market value of little-known Cynk Technology Corp past $6 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 wrongdoing in connection with the scheme.

"I knew what we did was against the law, and I accept responsibility for my actions," he said. (Reporting by Nate Raymond in New York; Editing by Chizu Nomiyama)