NO QUARTER FOR CORRUPTION (Focussing on The Fed./FRBS)

[Telephonics]

Read and get sick!

http://www.faulkingtruth.com/Articles/Commentary/1065.html


NASD Charges NevWest in CMKX Saga...Justice at Last?
By Mark Faulk
Sept. 26, 2006


In a saga that many thought was dead-on-arrival, the NASD today filed charges against NevWest Securities Corporation of Las Vegas, and company President Sergey Rumyantsev and Vice President Antony M. Santos. In charging the company and its officers with violating NASD's Anti-Money Laundering Rule, they stated that “between January 1, 2003, and May 31, 2005, NevWest failed to file Suspicious Activity Reports (‘SAR’), or cease trading in multiple accounts owned and controlled by JE, NevWest’s customer, regarding over 500 transactions, invo9lving over 250 billion shares of sub-penny stock issued by CMKM Diamonds Inc. (‘CMKX’) totaling over $53 million. In the 28-page complaint, the NASD also charged NevWest with failing to “adequately perform due diligence, file SARs, or cease affecting wire transfers involving $43 million through 139 separate wires from at least 28 of the accounts JE had opened at NevWest to various bank accounts.”


It was the first charges brought in a story that began in late 2002 (or even earlier including the earlier incarnation of CMKM Diamonds), and might have come to an end on October 28, 2005, when Administrative Law Judge Brenda Murray officially revoked CMKM’s (commonly referred to by its trading symbol CMKX) reporting status, after the company withdrew its appeal of Judge Murray’s initial ruling against the company for failure to file required financial reports with the SEC.


However, this was one company that simply refused to die. Bolstered by over 50,000 shareholders and an advocacy group begun by CMKX shareholder John Martin and represented by attorney Bill Frizzell, the CMKX Owners Group worked their way into the SEC hearings, and continued to press for action against the various people involved in what they perceived as a massive fraud extending into every corner of the financial market process, including not only numerous individuals who took advantage of a system rife with loopholes and poorly enforced SEC regulations, but implicating nearly every major brokerage firm in the U.S. and Canada.


Read the rest of this article at:
http://www.faulkingtruth.com/Articles/Commentary/1065.html


This article is also posted on Mark Faulk’s blog at The Sanity Check, along with an excellent comment section, at:
http://www.thesanitycheck.com/Blogs/MarkFaulksBlog/tabid/86/Default.aspx