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Canadian man pleads guilty over $300 million penny stock fraud

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 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.

Read the full article at Reuters Canada.