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SEC mum on Cynk, but US business news sources say more companies claim link to Matalon

GeneralSEC mum on Cynk, but US business news sources say more companies claim link to Matalon

The suspension invoked by the US Securities Exchange Commission (SEC) on Cynk Technologies, the US-company which had been using The Matalon in Belize City as its business address and whose worth ballooned to over $6 billion weeks ago with mysterious trading on the US stock market, ended on Friday, July 25.

Although the share value has plummeted substantially since it peaked at US$21.65 on July 10, 2014, more than half-a-million shares have been traded over the last two business days, with trade today down to US$0.60 cents per share.

Meanwhile, the US SEC has yet to issue an update on its investigations into Cynk’s operations.

Of note is that Bloomberg Business had during the course of its investigations reported that it had obtained documents which showed that an offshore brokerage at the Matalon had held Cynk shares for clients, but Bloomberg did not know who the clients were.

Fortune.com, another major business news source, reported on Friday that the Securities and Exchange Commission had asserted in a lawsuit that two brothers, Mike and Andrew Affa, had conspired with others to manipulate the stock of a company called Amogear, which claimed to produce clothing for mixed martial arts fighters.

The SEC had alleged that the Affas, who have denied the SEC allegations, operated through the offshore brokerage firm located on the fourth floor of The Matalon.

The Fortune report also points to another similar company, Legacy Global Markets, which had been operating on the stock exchange and which used The Matalon as their business address.

Fortune did add that the building’s architect, Carlo Arguelles, had indicated to them that neither Cynk nor Legacy are tenants of the Matalon building.

“It’s unclear why Cynk and Legacy would claim to be located in the same office building in Belize or even on a single floor of a building. Despite some ties, Matalon’s fourth floor tenants — both the actual and the claimed — appear to be independent organizations,” the Fortune report said.

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