Global Diamond Exchange, Inc. (GBDX)

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CMKM defendant Turino seeks six-year term

2017-03-22 10:56 ET - Street Wire

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by Mike Caswell

Jeffrey Turino, the Nevada man awaiting sentencing for his role in the massive CMKM Diamonds Inc. fraud, has asked for a six-year prison sentence. He says that he had no leadership role in the scheme and has no prior criminal record. He also points out that he pleaded guilty and has been ready to co-operate with the government.

Prosecutors indicted Mr. Turino, 60, along with Saskatchewan's Urban Casavant and others for a scheme to dump billions of unregistered CMKM shares. According to the government, the scheme generated $60-million in illegal profits. (All figures are in U.S. dollars.) Mr. Turino's role included routing share transactions through nominees and associates in Florida.

Mr. Turino entered a guilty plea on Aug. 22, 2016, leaving the length of his sentence as the only issue for the judge to determine. In a memorandum filed on Monday, March 20, he is asking for a jail term equal to the time that he served while awaiting trial. This amounts to six years. (He was arrested in the Netherlands in September, 2010. He remained in custody until a Nevada judge released him after his guilty plea.)


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