The Matalon, a six-story glass building in Belize City, Belize, towers over a lot littered with old refrigerators and washing machines. Jagged rebar sticks out of unfinished cinderblock structures nearby, and the view, across Haulover Creek, is of a cluster of corrugated metal shacks. This is the listed address for Cynk Technology, a company with no assets, no revenue, and one employee, that for one hour in July had a market value of more than $6 billion.
Sept. 11 update: U.S. prosecutors chasing an alleged $500 million money-laundering and penny-stock manipulation scheme brought charges this week in federal court in Brooklyn, New York, against a group of men who worked on the same floor of a Belize office building that Cynk listed as its address. [Read it]