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lol yup
Shorting only works if its done fairly, but knowing our past history greed will always win.
I guess we will all end up paying for this, because based on what we have all been reading 1929 was peanuts compared to what is coming in the near future. The only solution to that problem was war, so as logic dictates that will follow.
Unlike wars in the past where usually only 100,000 people were killed/battle this will be unlike anything we have ever seen.
I'm just stating the facts which are already all there.
We are screwed thanks to this wonderful shorting as you call it.
So why do you think the SEC is not doing anything about these companies or the individuals that are commiting crimes over and over ? Do you not believe it is in their best interest to work with a Senator to clean up this mess and change regulations ?
Janice you do make some valid points but you are missing the big picture.
For example...
What "information". Once again, please try to avoid confusing fact with fantasy. The o/s of CMKX is 703 billion shares. That is the only number that matters, and they are ALL unregistered.
Why was CMKX refused access to this information when we requested it and were willing to pay for it.
I remember some kind of crazy response that it could not be provided because of of the names on that list would a risk to national security. Give me a break!
The SEC has addressed that issue many times. Some shareholders simply refuse to believe them. The fact v. fantasy thing once again.
No the SEC has not addressed the issue, in fact why have they not investigated the larger organizations any further. Obviously they did not wish to co-operate with us and many have refused to provide us Certificates. Why ?
What really took place at TD Waterhouse, many individuals know that they have accepted a bunch of fake Certificates or more like unregistered certificates which has affected them in a big way financially. They were pink sheets what a surprise.
The trades were not immediately reported. And ex-clearing had nothing to do with it. Apart from the fact that JEFF was obviously dumping shares for a single client--who later turned out to be Edwards--there's nothing very interesting about what happened.
I doubt they have all been reported at all, probably are still flying around from one MM to another so they don't get detected.
The SEC probably wasn't following the company until 2004, when many of us began sending in detailed complaints. The Saskatchewan Securities Commission slapped on a Cease Trade Order in the summer of 2004, alleging that Urbie, Melvin, and others had been selling unregistered securities in that province. In October 2004, the SEC suspended USCA and announced an investigation into that company AND CMKX. In March 2005 the SEC suspended CMKX and announced its intention to revoke registration. The stock's registration was duly revoked.
The SEC had no idea that between 13-40 billions of CMKX shares were going across their screen daily either. Admitting to it publickly, but at least they didn't hide that information.
662 billion unregistered/restricted company shares they claimed were inappropriately issued by company insiders from January 2003 and May 2005.
Huh? ALL of the stock was issued by insiders. Obviously. If you'd been following this board, you'd have known WHEN it was issued, too.
Yes I agree with you on this one they were issued by insiders, and yet the SEC security is not sufficient to clamp down on something so huge.
They culminated in the current SEC civil suit. It is hoped that they will eventually extend to criminal prosecutions.
The law is slow. NO ONE can force a judge to rule on anything until he's ready.
Yes its true the law is slow but perhpas if the SEC had more authority and provided CMKX as an example to Congress then perhaps this entire mess could have been accelerated.
Like what? The judge can, at some point, hold him in contempt, but since he's not a U.S. citizen, he's unlikely to find that especially scary.
I agree UC is a sleezzzzzzzz ball
Why has the SEC not allowed any of the Depositions to be released to CMKX Shareholders?
Because the shareholders are not parties to the suit. Sure, you could have got together and tried to file an amicus brief, but I guess nobody thought of that.
A few of us attempted to do this but it was too late.
They may have thought they did, but that was not the case, as many of us continually pointed out. The claims were never leased by CMKX itself, but by CMKX's partners.
You make a valid point!
NEWS FLASH!! Claims change hands every two years in Canada. You can retain them if you show proof that you're actually working them, or if you pay an exorbitant fee per hectare. Urbie did very little actual work on a very few of the claims--just enough to keep the marks excited--and let the rest lapse. How's that for a "rational explanation"?
Its very possible someone got paid, although to prove it would be very difficult unless there are wintesses to let these claims lapse.
Hello? The lawsuit was settled. How long has it been since you actually read this laundry list of grievances?
If you call a few million dollars a solution to the amount that was actually stolen, then we should all do what UC did.
Although it should not surprise the SEC that more companies will follow their example.
In addition, Knight Trading Group, now owned by CitiGroup, traded an average of about 3.36 billion CMKM shares a day, representing more than 40% of Knight's average daily share volume for the month of February 2004… and that level of trading by Knight continued over a three month period.
So what? And Citi bought Knight's derivatives division, which is entirely irrelevant to this discussion.
Actually it is relevant since they allowed for Billions of Trades to take place daily and collected a ton of money doing this. I believe someone did a rough calculation and they have profitted on the CMKX shareholders something upwards of
$2,000,000 That is a lot of money don't you agree Janice ?
Instead of what? It was a massive scam, and Urbie lied on his Form 15.
Yes lied that he had 200 shareholders and the SEC had no clue for how long ? They had no clue that not 1000, but thousands of us owned CMKX shares. Great job!
We want to know why the SEC filed a complaint against NEVWEST, but not against many other broker/ dealers who helped clear the other 363 Billion Shares.
Because the other brokerages weren't working directly with Edwards.
But they were accomplists to this Scan and didn't even care enough to inform the SEC.
So here is our point of view.
Things just don't add up.
We obviously had some valuable claims on #47 or #42 can't remember the number it goes way back.
So it is very likely there were more, but the results were not made available.
Yes I remember that too.
But the bashers will simply say that purchasing the equipment is just a figment of our imagination.
Then they will say that the results from several of the drill sites and the data provided is also fake.
Come on guys you are the ones that need a reality check!
Its quite simple actually but proving it... is not.
Dilute the pinky, hide the information from TAPE, then destroy the pinky, and bash a few private shareholders to make it vanish.
Only this time CMKX is coming back... which is not good news indeed!
Why ? because it means these extra shares could become a little bit of a problem :)
Lets not pick on the rats I think they're cute.
:)
Ok fine...
Here is a hint... the word is it involves Japan!
Let the games begin!
lol
To become a CMKX Basher...
You must ignore all of the below and sprinkle fairy dust all around like its all good and how its ok to pretend its all happy time la la la la la la
Then bash some more and deny all facts la la la
sprinkle weeeeeeeeeeeee
• Besides the 622 Billion “Unregistered” Shares that the SEC states company insiders inappropriately issued, information discovered by various CMKX Shareholders suggests the stock may have been oversubscribed by as much as 9 times that amount…. While other evidence suggests that at least 2.4 Trillion shares of company stock were illegally naked shorted by hedge funds, market makers, and brokerage firms.
o We want to know why the SEC has failed to address this concern with Shareholders, ever?
• The National Association Of Securities Dealers (NASD), now known as The Financial Industry Regulatory Industry (FINRA), did not bring proceedings against a well-known brokerage firm, Jefferies and Co, even after they sent a letter, on May 6, 2005, to both the NASD (FINRA) and the SEC admitting they had traded 111 billion shares of CMKX outside the system, or "ex-clearing".
o We want to know under what SEC Regulations this activity could be found legal and justified.
o We want to know if the SEC and/ or FINRA even investigated this issue.
• There is direct evidence that the SEC knew about, and was investigating, the illegal Pump and Dump of unregistered shares by company insiders as early as 2003; yet, the SEC did not bring a case forward until last year… and even then, they do not account for 363 Billion of the 662 billion unregistered/restricted company shares they claimed were inappropriately issued by company insiders from January 2003 and May 2005.
o We want to know what became of the original investigations.
o We want to know why it took the SEC until April 7, 2008 to file a formal complaint.
o We want to know why the Courts have still not ruled on this matter.
o We want to know why the SEC has not initiated further action against Urban Casavant when, by all appearances, he has snubbed the court and failed to appear before the court?
• No criminal proceedings, indictments, or prosecutions have resulted from the SEC’s investigations against all insiders involved; even though the new CMKM Diamonds’ Management Team cites more than 200,000 pages of documentation resulted from those investigations. The new management team also claims they can show that more than 50,000 CMKX Investors lost at least $250 million from the fraudulent activities perpetrated by the Company’s founder, Urban Casavant, and other insiders, such as John Edwards.
o How could the SEC justify that level of investment in a case, and then not bring complete criminal proceedings… including the missing 363 Billion Unregistered shares that are not accounted for in the SEC’s Complaint?
o Why has the SEC not allowed any of the Depositions to be released to CMKX Shareholders?
o Why does the SEC Complaint only cite $53 Million in Shareholder losses from one Defendant (John Edwards), but fails to address the remaining losses presumably caused by the other defendants?
• Long term investors bought into CMKX due to the mineral claims that Urban Casavant has secured the rights to. CMKM Diamonds was and is a US Based company. Most of those claims are now mysterious held in control of another company, Shore Gold… a Canadian Company… and no one can provide shareholders with a rational explanation of how that could have happened. One SEC filing has relevant information, presented by the company’s geologist, blanked out in their public release. In the meantime, it’s clear that this once so-called “Moose Pasture” does have commercially viable diamond and other mineral deposits.
o Why is the SEC, and other law enforcement agencies, failing to disclose information on the apparent value of those claims, and the validity of those claims?
o Why hasn’t the SEC, and other government agencies, stepped forward to protect US Investor’s financial interests in these valuable claims?
• In late October of 2005, Urban Casavant, while Robert Maheu was still involved as Chairman of the Board, initiated a deal with Entourage Mining Ltd that exchanged various claims then held by CMKM Diamonds, in the Hatchet Lake and the Smeaton / Fort a la Carne area within the Province of Saskatchewan. The latter claims included 194,582 Hectares of land (~480,822 acres, or ~ 751.285 square miles). In addition, CMKM Diamonds’ agreement with Entourage requires the Entourage shares are to be distributed to CMKX Shareholders. Kevin West, then CEO of CMKM Diamonds, announces an Interplead action is to be initiated to ask the courts to decide who the lawful owners of the CMKX/ Entourage Securities are. Later, Entourage initiates a law suit against CMKM Diamonds to undo the agreement since the Entourage shares were never transferred to CMKX Shareholders.
o What is the current status of the Lawsuit between CMKM Diamonds and Entourage Mining Ltd. regarding the ownership of the claims that were transferred to Entourage?
o Why did the courts not enforce the terms of the agreement to have the Entourage shares distributed to CMKX Shareholders?
o Who now legally owns the rights to the claims referenced within the original Entourage/ CMKM Diamonds agreements?
• Citigroup and Smith Barney sponsored a CMKX company racing car during the “Got CMKX” marketing campaign, which was put in place to further pump up the share price and purchases.
o We want to know what role [and financial interests] those two companies had in the CMKM Diamonds.
• In addition, Knight Trading Group, now owned by CitiGroup, traded an average of about 3.36 billion CMKM shares a day, representing more than 40% of Knight's average daily share volume for the month of February 2004… and that level of trading by Knight continued over a three month period.
o We want to know how Knight Trading Group supported that level of trading, and where and how did they get that many shares to trade?
• Former SEC Enforcement Attorney, Roger Glenn, allegedly wrote bogus opinion letters for the company founder, Urban Casavant, and company insiders, such as John Edwards.
o We want to know why the SEC has not brought civil charges against Mr. Glenn for that activity.
• The same former SEC Enforcement Attorney, Roger Glenn, raised the company’s Authorized Shares (AS) from 500 billion shares to 800 billion shares.
o What possible scenario could have justified that amount of shares to be traded on the market?
o Again, we want to know why the SEC has not brought civil charges against Mr. Glenn for writing those Opinion Letters.
• CMKX Management, under the leadership of Mr. Robert Maheu, and with assistance from Attorneys Bill Frizzell and Donald Stoecklein, conducted the largest shareholder certificate pull in the history of Wall Street. The Cert Pull was undertaken to try to uncover where all the shares, then trading on the market, were originating from.
o We want to know why the SEC clearly worked to put a stop to that effort, before the cert pull could be completed.
o We want to know why the SEC forced the company to delist instead;
• The SEC Enforcement Department failed to account for 362 billion unregistered/restricted shares in civil complaint involving company founder and company insiders.
o We want to know why the SEC’s complaint only addresses 259 Billion shares issued and sold by John Edwards.
o We want to know why the SEC filed a complaint against NEVWEST, but not against many other broker/ dealers who helped clear the other 363 Billion Shares.
o We want to know why the SEC has not filed a single complaint against any of the 70+ brokers and market makers who made a market in CMKX Securities, and/ or made commissions from facilitating the sales of CMKX Securities.
• Current company management posts unprofessional CEO Updates and FAQs on its website rather than through professional Press Releases.
o We want to know why the SEC allows the new management team to post “Official” company information and their law suits, etc. on the company’s web site without “Safe Harbor” Statements, and not in formal Press Releases.
• SEC FOIA Department unjustly denies FOIA Requests submitted by company shareholders.
o We want to know why the SEC will not release any of the more than 100 Depositions they have taken related to this case to CMKX Shareholders.
o If the case is still considered “under investigation”, we want to know when the information and facts will be released to the public and shareholders under FOIA?
o We wonder why the SEC is allowed to hide so much information under FOIA… especially when the hiding of such information only makes it seem more likely that certain individuals at the SEC are protecting the interests of Wall Street more than the interests of investors.
• There is no evidence that the SEC has ever referred the company founder and company insiders to the DOJ or FBI to initiate criminal proceedings.
o With investor losses of ~$250 million, or more – assuming Naked Short Selling is also part of this – we want to know why criminal investigations and indictments haven’t come down?
• We understand the IRS/ Treasury Department has initiated a Grand Jury Investigation, out of Las Vegas, into CMKM Diamonds.
o We’d like to know the scope of the investigation that is being conducted by that Grand Jury
• We have heard reports that a similar Grand Jury investigation was held back in 2005.
o We would like to know the scope and the outcome of that Grand Jury investigation.
• There are reports that Robert Maheu initiated the CMKX Task Force that resulted in the Cert Pull, in order to force the many broker / dealers, market makers and hedge funds to the table, and compensate Shareholders for the fraud that these companies had participated in. Further, we understand funds were collected and put into a Trust for distribution to the Shareholders.
o We want to know why those funds have not been distributed.
15 claims left is correct, but there there are other options being considered today!
Right now its just word of mouth, so its not factual yet.
Please post if you hear anything concrete. :)
That would be a huge problem wouldn't it. ;)
If even a fraction of what you're saying is true, please keep us updated.
Thats not true!
We have held on to what are believed to be the most valuable claims. Do some DD first. Please do us a favour.
Sounds like you find it funny when people invest hard earned money into something and weather they were producing Microsoft Software or something legit... would have no bearing on the fact that our Money went missing.
It was stolen and it gives you such a fuzzy feeling when you know that a Robbery can be done without even using a GUN these days! Nice job! To all the trusted organizations that were involved!
Is that what you think ?
For once ACCA is right !
It would be nice to see the current core assesments, to make a better decision if we should continue drilling.
However there will be huge news out later on today :)
Thats what I have been hearing from many good sources!!!
If you hear anything first do post it.
Here are the facts:
Tomorrow is the magic date! Nice !
a). Now we wait "INFORMATION FOR CMKM DIAMONDS INVESTORS
CIVIL ACTION AGAINST CMKM DIAMONDS, INC. URBAN CASAVANT, et al.
RECENT DEVELOPMENTS On June 23, 2009, the federal district court in the District of Nevada granted the SEC’s motion for summary judgment against defendants John Edwards, Daryl Anderson, and Kathleen and Anthony Tomasso.
The court ordered:
Edwards to pay $28,583,288.98 in disgorgement and prejudgment interest and a civil penalty of $26,400,000;
Anderson to pay $2,490,211.04 in disgorgement and prejudgment interest and a civil penalty of $2,300,000; and
The Tomassos to pay $702,131.22 in disgorgement and prejudgment interest and a civil penalty of $648,500.
The court ordered the defendants to pay these amounts to the Clerk of the Court for the District of Nevada within ten business days. Any amounts paid to the Clerk will be deposited into an interest-bearing account with the Court Registry Investment System.
b). 622 billion shares were purportedly unrestricted stock issued by former company insiders in an "unregistered distribution" (Item 4), as cited by the SEC in Case 2:08-cv-00437, part of the 703 billion issued and outstanding shares
Hence to summarize:
Thats about $33Million of money which may be returned tomorrow.
703-622billion = 81billion of registered shares
over 50,000 shareholders
Some simple math and we have.
$33,000,000/81Billion shares = 0.0004/share which is rather a realistic value
This would in turn return our basic investment.
Then if they add a little more to compensate our stress I think most CMKX investors would be ok.
Feel free to demonstrate your point of view and calculations.
It depends on two factors.
1. If we will have our money returned for a distribution, then no CMKX will not trade.
2. If we are to continue drilling, they will most likely require more capital to do this.
This will in turn mean going public and it will also mean we will get a distribution of those shares instead of monetary compensation.
I think we should have a vote if we would prefer money or drilling further for diamonds.
Although to me it seems more feasable to drill for two types of assets, the second one is Uranium.
What ever happend to those claims ? They were worth a ton of money.
You obviously have not been paying attention to put out a statement like that. Smell the coffee.
We have been awarded millions by the courts.
Janice,
Care to enlighten us with a rough calculation using the money we are to receive and the number of shares we have been told are legit being held by shareholders to come up with the best price per share we would receive if we forced CMKX to hand it over to us ?
A realistic best possible calculation in a perfect world.
Not likely with this many shareholders, unless the company starts to deal with the illegaly pumped shares into the stock market.
There should be someone out there taking responsibility for allowing this to happen. There was a breach in security and someone needs to pay up!
That was part of the reason, especially since children tend to look so innocent. It was quite a big diamond!
I know a diamond when I see one, but what if they just borrowed it from Shoregold or some other company for a nice close-up.
I don't know what to believe any more.
They should all just be jailed and our original investment should be returned, screw their drilling.
They have not even bothered to take a look at the smaples they already have, why not ?
Not entirely true!
I have seen a picture of UC's niece hold a rock with a rather large diamond embeded in it!
No this is not a joke!
The only question is where did this large diamond come from ?
This is why I baught into this stock. This is no bull.
Anyone have a copy of this picture ???
I should have saved a copy of this JPG DAM!
Very funny I got that SPAM email too. lol
That will involve the courts.
The sale was illegal this is common knowledge.
$100/share ??? What are you referring to.
yes and some even wish their iQ was higher then one, but
jail time will cure all that...soon lol
I'm almost certain there are a few cmkx shareholders who can't wait to give it to them bubba is all excited now!
we have a bunch of jokers in here great lol
pr 7-3 2009 cmkx !!!!!
« Thread Started on Jul 3, 2009, 7:17pm »
--------------------------------------------------------------------------------
CMKM Diamonds, Inc. Announces New Joint Venture
Press Release
Source: CMKM Diamonds Inc.
On Friday July 3, 2009, 5:26 pm EDT
Buzz up! 0 Print
TYLER, Texas--(BUSINESS WIRE)--CMKM Diamonds, Inc. announces the completion of an agreement with 101047025 Saskatchewan Ltd. (“1010”). This agreement is part of an overall settlement of a lawsuit brought by Entourage Mining Ltd. (“Entourage”) against both CMKM and 1010 under Action No. 5075800 in the Supreme Court of British Columbia (the “Entourage Lawsuit”). As a term of the overall settlement, Entourage will consent to a dismissal of the Entourage Lawsuit against both CMKM and 1010, as if it had been heard on its merits and dismissed.
Under the overall settlement of the Entourage Lawsuit, 1010, CMKM, and Entourage agreed to cancel and terminate the previous agreement between CMKM, 1010, and Entourage that was dated October 20, 2005 (the “2005 Agreement”), with respect to certain mineral claims in Saskatchewan that are owned by 1010. In consideration of that dismissal, CMKM will return to Entourage 3 million of the 4.5 million Entourage shares that it acquired under the original agreement, and Entourage has given up all claims or rights to the remaining mineral claims, all of which are owned by 1010. CMKM also returned the remaining 1.5 million shares back to Entourage for a payment from Entourage of $85,000.
Under their new agreement, CMKM and 1010 will form a new company (“New Corp.”) to explore the remaining mineral claims that were the subject matter of the 2005 Agreement. These remaining claims have produced core samples that were drilled by 1010 in late 2005 and early 2006 and have yet to be tested. The New Corp. will, in turn, form a joint venture with 1010 to explore and develop the remaining mineral claims. 1010 will be the sole Operator of the new joint venture and will continue to be the sole owner of the remaining mineral claims. However, the New Corp. will have the right to acquire those remaining claims owned by 1010 by incurring expenditures for exploration, drilling and development on the claims in a cumulative amount that will be no less than four million dollars during the first five years. CMKM is solely responsible for raising no less than 80% of these funds for the New Corp. and 1010 is solely responsible for raising no less than the remaining 20% of these funds for the New Corp.
1010 will hold total voting control of the New Corp. The authorized capital of the New Corp. will consist of Class A voting common shares, without any right to dividends or capital, except that the said Class A common shares will, on a winding up or dissolution, be entitled to repayment of capital paid therefore, and Class B non-voting common shares, with rights to payment of dividends and capital. Eighty million Class B common shares will be allotted and issued to CMKM. Twenty million Class B common shares and ten thousand Class A common shares will be allotted and issued to 1010. CMKM will thus be entitled to 80% of profits earned by the New Corp.
CMKM Diamonds CEO Mark Faulk stated, “This joint venture agreement is another step in our ongoing efforts to return viable assets to CMKM Diamonds. Rights to the remaining claims were retained because they showed the greatest potential for diamonds. Many shareholders originally invested in CMKM because of this potential, and we believe it is in the best interest of Company and its shareholders to pursue this opportunity to benefit from any real value in the remaining claims. The New Corp. intends to begin testing on existing core samples from the remaining claims in the very near future.”
Safe Harbor Statement:
This news release contains certain "forward-looking statements" within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that actual results will meet or exceed such expectations.
Contact:
CMKM Diamonds Inc.Mark Faulk, 903-262-8397www.cmkmdiamondsinc.com Buzz up! 0
Yet we still have no direction and why are they not starting out by looking at the original samples, is that not going to save some time ? Perhpas there is something there already.
ROTFLMAO
Indeed lol
Wonder what the SEC will do in this case ?
Sure now you know when its too late...
" Jeffries admitted in a letter which I have a copy of, and also admitted 111 Billion shares of CMKX, which were handled ex-clearing, but were not reported to the tape. Why have you allowed this unbelieveable counterfeit trading. Where is the enforcement. Sir, if Jeffries admitted this, then can you imagine how many shares were handled the same way by NIT, who traded well over 35% of the entire market volume in one little Diamond stock in ONE day. And, I am sure you know that NITE sold their derivitives to CITIBANK. I am sure you know that NevWest Securities sold Billions of illegal shares of CMKX through over 30 Trusts with one of these men in control. "
No the bank employees are screened to ensure they have no criminal record on file as they are required to follow various regulations which have been set out by the bank.
So employees simply create dozens of accounts for various individuals, and the bank doesn't care...there is something very wrong here. This gives a popential for money laundering !!!
Oh LOOK what a surprise :))) I wonder why LOL
"TOKYO -- Japan's financial regulator ordered Citigroup Inc.'s Citibank Japan Ltd. to suspend all promotional sales activities in its retail-banking division for one month as punishment for lax compliance in preventing money laundering.
The suspension will start on July 15, the Financial Services Agency said Friday. The bank, however, is allowed to do business with customers who voluntarily contact the bank to purchase its..."
Further more when it comes to Banks:
The Security policy requires that individuals undergo a screening process if their duties or tasks necessitate access to sensitive information and assets. This applies to all positions and to all phases of the contracting process, and when an individual's duties or tasks require access to essential persons or installations critical to the national interest that are deemed to afford regular and consistent access to classified information and assets. Until the required checks are complete, individuals cannot be appointed to a position or have access to sensitive information and assets.
Otherwise it is the Bank that is Liable for anything their employees do that is criminal in nature!
ROTF ya UC must have some good protection. (2 gorillas with guns) LOL
I think there is more to UC then we have been led to believe.
Sure its easy to make these statements right now, as we all now know the truth but back then there was no way for any of us to know what was going on. The bank should have caught on something was fradulent when someone tries to open up this many accounts... don't you agree ? but wait this was a trusted bank employee lol
Lets put it this way.
Why would you pay up if you were going to Jail for a long time anyhow. Perhpas there is room for negotiation, such as a much shorter sentence for all money returned.
Otherwise they will tell us to scrw ov...
Our collection was worth $50 million and not just $1 million
lol ya it will cost them less to pay us off then taking all the abuse from a bunch of crazies ha ha ha
July 8, 2009 is the magic date!
Nice !
Now we wait "INFORMATION FOR CMKM DIAMONDS INVESTORS
CIVIL ACTION AGAINST CMKM DIAMONDS, INC. URBAN CASAVANT, et al.
RECENT DEVELOPMENTS
On June 23, 2009, the federal district court in the District of Nevada granted the SEC’s motion for summary judgment against defendants John Edwards, Daryl Anderson, and Kathleen and Anthony Tomasso.
The court ordered:
Edwards to pay $28,583,288.98 in disgorgement and prejudgment interest and a civil penalty of $26,400,000;
Anderson to pay $2,490,211.04 in disgorgement and prejudgment interest and a civil penalty of $2,300,000; and
The Tomassos to pay $702,131.22 in disgorgement and prejudgment interest and a civil penalty of $648,500.
The court ordered the defendants to pay these amounts to the Clerk of the Court for the District of Nevada within ten business days. Any amounts paid to the Clerk will be deposited into an interest-bearing account with the Court Registry Investment System.
In cases where the SEC obtains a judgment to recover money from the defendants, and the defendants do not comply with the judgment by paying the money, the SEC will seek to enforce the judgment."
Big Deal that like 12 years ;)
Give me a break the sentence is a joke!
Who won ? It wasn't the investors.
Give anyone Millions of dollars and they'd be glad to do 12 years without thinking about it. I certainly hope that there are convicts in these prisons who figure out who these guys are and make it a very painful 12 years. Like Bubba ;))))
Someone like that will probably have a seperate cell anyhow.
Despicte a 10-day trading suspension and an administrative proceeding instituded by the Commission to revoke the registration of CMKM's stock, fradulent trading continued. (Id. at 4:1-7.) In the end 40,000 investors lost $64.2 million while Defendants' enriched themseleves. The scheme produced $26.4 million for edwards, $2.3 million for Anderson and $648,500 for the Tomassos. (Id. at 3:1, 3, 23; 17:5; 18.21.) Throught consent decreasees, Edwards, Anderson and the Tomassos admitted to violations of Section 5(a) and 5(c) of the Securites Act, 15 U.S.c.77e(a) and 77e(c), for the unregistered offer and sale of securites. The Commission now seeks the following remedies....disgorgement of ill-gotten gains, including prejudgment interest and civil monetary penalties. Once a district court has found federal securities lawas violations, it has "broad equitable power to fashion appropriate remedies" Also the defendant's recognition of the wrongful nature of his conduct; (4) the likelihood because the dendant's professional occupation, that future violations might occure; and (5) the sincerity fo the defendants assurances against future violations. (applying the factors to assess a civil penalty).
etc...........
Date: June 25, 2009
Signed by: Molly M. White