![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Sunday, April 20, 2008 8:47:33 PM
Contributed by: Martinas B.
Date: 8 Apr, 2008
A microscopic mining company called CMKM Diamonds Inc., which was trading under a penny, has been accused of a $64 million penny stock fraud. The allegations are that the company issued hundreds of billions of shares illegally, leaving 40,000 investors nationwide without their money.
With assistance from a transfer agent and an attorney, allegedly CMKM fraudulently issued hundreds of billions of shares of purportedly unrestricted stock to John Edwards and his nominees, as well as to the nominees of Urban Casavant, the company's chief executive officer.
The SEC complaint charges CMKM, a broker dealer and transfer agent, as well as 11 individuals, including Casavant.
In its complaint, the commission identifies John Edwards as the brains behind the fraud. It is believed that Edwards and others pumped their unregistered stock into the public markets. According to the SEC, Edwards pocketed $26.4 million from sales through a single brokerage firm and that Casavant received about $31.5 million.
The SEC's investigation is continuing.
Cannabix Technologies and Omega Laboratories Inc. Provide Positive Developments on Marijuana Breathalyzer Testing • BLO • Jul 11, 2024 8:21 AM
ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • ECGI • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM