CMKM Diamonds Inc. (fka CMKX)

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Chapter 18: CMKM and the UnShareholders. A diamond mining firm, CMKM, orders a “cert pull” to get all the company’s shares out of the DTC. It reveals how many phantom shares are in circulation as a multitude of investors – dubbed the UnShareholders – are left holding the empty bag. Brokers begin deleting share positions as they stop returning calls to angry customers around the world, including several active-duty members of the military stationed overseas. But the evidence is there: brokers assigned phantom shares to their most vulnerable customers while getting real certificated-shares for themselves and favored clients. Before it shuts down, the UnShareholder project reveals the same circumstances applied to over 100 investors for 21 more companies across 15 brokerage firms. Launched June 9, 2008; closed in 2010. The investors were located throughout the US and in 5 other countries on three continents. In 2007, shareholders in British Columbia (Canada) sue their broker for refusal to provide certificates for shares shown in their account. The same day it was filed, it went directly before B.C. Supreme Court Justice H. Groberman, who ordered Canaccord to provide the share certificates "without delay."



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