CMKM defendant Kinney asks for probation
2018-11-13 10:24 ET - Street Wire
by Mike Caswell
James Kinney, a Nevada man who sold 60 billion improperly issued shares during the massive CMKM Diamonds Inc. fraud, has asked the judge for a probationary sentence. Mr. Kinney claims to have had a difficult upbringing and says that he has stayed out of trouble for the last 10 years. The CMKM fraud represents the "darkest chapter" of his life, he says.
The submissions from Mr. Kinney, 48, come as he awaits sentencing for his part in the 2004 scheme run by Saskatchewan's Urban Casavant. He and others dumped hundreds of billions of shares as the company touted the "Casavant diamond brand" and a purported $50-million jade collection, prosecutors said. (All figures are in U.S. dollars.) Mr. Kinney pleaded guilty to a conspiracy charge on June 11, 2018.
In preparation for his sentencing, Mr. Kinney has filed a memorandum in federal court in Las Vegas setting out his position on an appropriate sentence. When he pleaded guilty, Mr. Kinney agreed that he would be liable for $2.8-million in restitution, leaving the length of his jail term as the only thing for the judge to determine. Like many defendants in his position, Mr. Kinney asks that the judge spare him jail altogether.
