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CMKM defendant Kinney avoids jail, receives probation

2018-11-15 20:31 ET - Street Wire


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by Mike Caswell

A Nevada judge has imposed a probationary sentence on James Kinney, one of the accused in the massive CMKM Diamonds Inc. fraud. Mr. Kinney, who admitted to selling 60 billion shares during the scheme, must serve five years of probation. The judge also directed him to perform 150 hours of community service.

Mr. Kinney, 48, previously pleaded guilty to a criminal charge stemming from the 2004 scheme, which was run by Saskatchewan's Urban Casavant. Prosecutors said that he and others dumped billions of shares as the company touted the "Casavant diamond brand" and a purported $50-million jade collection. (All figures are in U.S. dollars.) Mr. Kinney entered his guilty plea on June 11, 2018. In doing so, he admitted that he had sold $6.5-million worth of stock during the fraud, and had sent $3.4-million of the money to Mr. Casavant.

The probationary sentence for Mr. Kinney is contained in a judgment released on Thursday, Nov. 15. In addition to five years of probation, the judge imposed a $2.8-million restitution order on Mr. Kinney and ordered him to pay a $10,000 criminal fine. During his probation, Mr. Kinney must undergo substance abuse treatment and drug testing, the costs of which he must pay himself. His 150 hours of community service must be complete within three years.

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