CMKM Diamonds Inc (fka CMKX)

[janice shell]

When the SEC stated "Unregistered Securities" in their complaint they pointed the finger at the brokers.

No they didn't. They pointed their finger, so to speak, directly at Urbie and Edwards. Urbie signed off on all those issuances; Dvorak wrote the opinion letters; Glenn approved them; Bagley accepted them.

The issue has nothing whatsoever to do with brokerages.

have you ever wondered why the SEC said "Unregistered Securities"?

What's to wonder about? It would be because they were unregistered. The stock in question entered the market thanks to fraudulent opinion letters. It was obvious at the time, and a red flag for the SEC. Some of us on this board commented at some length on this board in the summer of 2004 that Urbie had to be issuing unregistered stock and covering with bad opinion letters.