Sunpeaks Ventures Collapses; Down 63%

This morning, Benzinga

that another round of mailers regarding penny stock pump and dump Sunpeaks Ventures

had been sent out. In fact, I got one last night. At the time, the stock was trading up roughly 5%, at which point it had gained more than 450% since March 9 amid heavy promotional activity. We also noted that SNPK is basically a worthless company, despite the fact that it had a market cap in excess of $900 million. We also directed readers to a great series of articles written by David Baines in the

, outlining the sketchy history of the company. The provided link is to the first of multiple articles that Baines has written about SNPK. Also, we noted that

has written a comprehensive piece on the SNPK pump and dump. On Wednesday, the "dump" has lived up to the legendary "pump" of SNPK. At last check, shares had cratered more than 65% and sitting near session lows. The selling started just after 11 EST and dropped the stock from around $2.34 to $1.23 in less than a half hour.