Janice you do make some valid points but you are missing the big picture.
For example...
What "information". Once again, please try to avoid confusing fact with fantasy. The o/s of CMKX is 703 billion shares. That is the only number that matters, and they are ALL unregistered.
Why was CMKX refused access to this information when we requested it and were willing to pay for it.
I remember some kind of crazy response that it could not be provided because of of the names on that list would a risk to national security. Give me a break!
The SEC has addressed that issue many times. Some shareholders simply refuse to believe them. The fact v. fantasy thing once again.
No the SEC has not addressed the issue, in fact why have they not investigated the larger organizations any further. Obviously they did not wish to co-operate with us and many have refused to provide us Certificates. Why ?
What really took place at TD Waterhouse, many individuals know that they have accepted a bunch of fake Certificates or more like unregistered certificates which has affected them in a big way financially. They were pink sheets what a surprise.
The trades were not immediately reported. And ex-clearing had nothing to do with it. Apart from the fact that JEFF was obviously dumping shares for a single client--who later turned out to be Edwards--there's nothing very interesting about what happened.
I doubt they have all been reported at all, probably are still flying around from one MM to another so they don't get detected.
The SEC probably wasn't following the company until 2004, when many of us began sending in detailed complaints. The Saskatchewan Securities Commission slapped on a Cease Trade Order in the summer of 2004, alleging that Urbie, Melvin, and others had been selling unregistered securities in that province. In October 2004, the SEC suspended USCA and announced an investigation into that company AND CMKX. In March 2005 the SEC suspended CMKX and announced its intention to revoke registration. The stock's registration was duly revoked.
The SEC had no idea that between 13-40 billions of CMKX shares were going across their screen daily either. Admitting to it publickly, but at least they didn't hide that information.
662 billion unregistered/restricted company shares they claimed were inappropriately issued by company insiders from January 2003 and May 2005.
Huh? ALL of the stock was issued by insiders. Obviously. If you'd been following this board, you'd have known WHEN it was issued, too.
Yes I agree with you on this one they were issued by insiders, and yet the SEC security is not sufficient to clamp down on something so huge.
They culminated in the current SEC civil suit. It is hoped that they will eventually extend to criminal prosecutions.
The law is slow. NO ONE can force a judge to rule on anything until he's ready.
Yes its true the law is slow but perhpas if the SEC had more authority and provided CMKX as an example to Congress then perhaps this entire mess could have been accelerated.
Like what? The judge can, at some point, hold him in contempt, but since he's not a U.S. citizen, he's unlikely to find that especially scary.
I agree UC is a sleezzzzzzzz ball
Why has the SEC not allowed any of the Depositions to be released to CMKX Shareholders?
Because the shareholders are not parties to the suit. Sure, you could have got together and tried to file an amicus brief, but I guess nobody thought of that.
A few of us attempted to do this but it was too late.
They may have thought they did, but that was not the case, as many of us continually pointed out. The claims were never leased by CMKX itself, but by CMKX's partners.
You make a valid point!
NEWS FLASH!! Claims change hands every two years in Canada. You can retain them if you show proof that you're actually working them, or if you pay an exorbitant fee per hectare. Urbie did very little actual work on a very few of the claims--just enough to keep the marks excited--and let the rest lapse. How's that for a "rational explanation"?
Its very possible someone got paid, although to prove it would be very difficult unless there are wintesses to let these claims lapse.
Hello? The lawsuit was settled. How long has it been since you actually read this laundry list of grievances?
If you call a few million dollars a solution to the amount that was actually stolen, then we should all do what UC did.
Although it should not surprise the SEC that more companies will follow their example.
In addition, Knight Trading Group, now owned by CitiGroup, traded an average of about 3.36 billion CMKM shares a day, representing more than 40% of Knight's average daily share volume for the month of February 2004… and that level of trading by Knight continued over a three month period.
So what? And Citi bought Knight's derivatives division, which is entirely irrelevant to this discussion.
Actually it is relevant since they allowed for Billions of Trades to take place daily and collected a ton of money doing this. I believe someone did a rough calculation and they have profitted on the CMKX shareholders something upwards of
$2,000,000 That is a lot of money don't you agree Janice ?
Instead of what? It was a massive scam, and Urbie lied on his Form 15.
Yes lied that he had 200 shareholders and the SEC had no clue for how long ? They had no clue that not 1000, but thousands of us owned CMKX shares. Great job!
We want to know why the SEC filed a complaint against NEVWEST, but not against many other broker/ dealers who helped clear the other 363 Billion Shares.
Because the other brokerages weren't working directly with Edwards.
But they were accomplists to this Scan and didn't even care enough to inform the SEC.
So here is our point of view.
Things just don't add up.
