CMKM Diamonds Inc. (fka CMKX)

[dia duit]

I am surprised he isn't banned!

Give it some time. They ban goodolboy for posts that were less egregious.

If you want to read something funny here's the latest from the Budster.

Written by: bburrell
1/18/2011 3:40 PM

The CMKX case seems to have done better at almost every turn, first in obtaining the first substantial judgment, $33 Million, against its manipulators and transfer agent. Then, it saw its criminal cases move forward, aided by the capture of its CEO flight felon, John Edwards, and his close associate John Turino, in the UK, where they are fighting extradition to the US to face their criminal trials, one of which will almost certainly depend on one or more “rolls” by other defendants on them. The CMKX shareholders, who have been called the most vile names imaginable, see more vindication on the horizon, provided the SEC doesn’t talk its friends at the DOJ into not embarrassing them by actually proving shorting and dumping exist.

Did the Budster take the initiative to read the SEC complaint or the DOJ's indictments?

Of course the DOJ is going to bring up the subject of massive dilution in the trial. As for the shorting, can the Budster explain technically how the shareholders have certs in their possession?

Also, if he educated himself with details he would know the correct name of Jeff Turino and the location of his arrest. Does he even know what Urban Casavant's position was with CMKX, where he lives, or what his current status is ?

Every moronic article this idiot has ever written has contained misinformation, more than questionable hearsay, looney accusations, and inaccurate quotes. The idiot doesn't even bother to do basic research before posting these moronic missives. Perhaps he gets away with incompetent research because his target audience are such gullible conspiracy kooks who want to be force feed misinformation instead of doing their own research and educating themselves.


llegal Short Selling: A Status Report 01-16-11
Jan
18 Written by: bburrell
1/18/2011 3:40 PM


From “Front and Center”, by Bud Burrell

For those who hoped for some rational and lawful resolution to end this form of manipulation of all securities, the news is anything but good. There is plentiful evidence that illegal and naked short selling is alive and doing very well thank you, despite the efforts of thousands of victims and activists. Core cases continue to move slowly along, with one adding RICO (racketeering influence corrupt organizations) charges at the State level to its complaints.

For the most part, other cases have been dragged through the Courts at an embarrassing and unconstitutional pace, as the Government has tried to run out the clock on the statute of limitations for additional civil claims in these cases to protect them from the workload such cases would imply. Indeed, the Courts have been the biggest allies of the criminals in this space, as they have, along with our regulators, done everything they can to protect the short sellers, with the overall goal of decriminalizing their inherently criminal behaviors.

There has been some good news, including further settlements with select small defendants in one of the most important cases, further study of discovery produced after protracted delays by the defendants, and more. Another case has finally set a date for the criminal trial of Andreas Badian for the vicious manipulation of Sedona Corporation, a case first put in front of the DOJ in November, 2001. Some would say such a delay in a straight forward case was unseemly, if it were for reasons not so obvious.

The delay in this case blew through the final date for a claim under the Statute of Limitations more than 5 years ago. In the interim, the shareholders’ and Company’s case has been left languishing, put on hold so as to not interfere with the DOJ’s case against the last defendant standing, the others having pled out, fled jurisdiction (Andreas’ brother Thomas to Austria), or died with their organizations, including both Refco and Bawag Bank.

Other cases continue to wind slowly through the Court system, while defense lawyers, the SEC and the DTCC obstruct discovery, delay depositions, and more, too much more in the view of many. No case has gotten discovery once such motions were finally heard after multiple motions to dismiss were finally thrown out, not until both first and second motions to compel were heard. What were the results? In case after case, it was found that there were actions too numerous to list reflecting fraud, manipulation, counterfeiting of commercial securities and more. Targeted companies had clear evidence that more shares of their stock were trading than were legally outstanding according to their stock record book, and in many cases, this number was in the millions of shares, not thousands or tens of thousands.

The CMKX case seems to have done better at almost every turn, first in obtaining the first substantial judgment, $33 Million, against its manipulators and transfer agent. Then, it saw its criminal cases move forward, aided by the capture of its CEO flight felon, John Edwards, and his close associate John Turino, in the UK, where they are fighting extradition to the US to face their criminal trials, one of which will almost certainly depend on one or more “rolls” by other defendants on them. The CMKX shareholders, who have been called the most vile names imaginable, see more vindication on the horizon, provided the SEC doesn’t talk its friends at the DOJ into not embarrassing them by actually proving shorting and dumping exist.

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On balance, I could continue this little recital to the point of writing a definitive book about it. Not every case has been so successful, not even where multiple convictions for major criminal fraud were obtained in the case. In one such case, the plaintiff company would see 17 felony convictions obtained in the manipulation of their stock, only to later see four consecutive judges dismiss one defendant after another without justification, and be ordered to trial by the second and then third State Judges in their case, only to have the 4th Judge dismiss their case with prejudice against the handful of remaining defendants left. While this is in appeal, it is clear that inappropriate influence is being used with the Judiciary at every level, both State and Federal.

One of the more stunning acts of chutzpah has come from our redoubtable SEC, which claims its Reg SHO a major success, ignoring that shorting has been effectively increased in all securities across the board. How is this possible? These trades are now done between brokers ex-clearing, and they are in many cases never reflected in the books and records of the clearing broker-dealers, several of which have shared their broker dealer status with offshore clients at their own discretion.

These records can’t be obtained even in discovery, as the players involved are not afraid of either citation for contempt, or jail for Perjury (which is treated by our courts as “everyone does it, so we ignore it”). While rumors have abounded of pending indictments of parties involved in one criminal case after another, there have been precisely 3 (THREE) super-ceding indictments of other defendants and criminals in these matters in 10 (TEN) years. That certainly doesn’t inspire confidence, when we were told that one case was to spawn 100 such indictments, another 40 to 100, and yet another case several hundred such indictments.

Not a single major regulator has been indicted, while it is painfully obvious that no series of frauds on this scale could have ever been pulled off without the tacit cooperation and support of many of these parties. Our regulators seek to de-criminalize criminal behavior without an act of Congress to change the laws on the books for 7+ decades. Our Government officials and regulators have turned a blind eye to the literal theft and counterfeiting of billions of dollars in assets, even while millions of Americans have complained vociferously without response or satisfaction.

This will end, but I can’t tell you how. As big as these frauds have been cumulatively, they tend to be lost in the excessive spending of the Federal Government, running up economy-crippling debts, involving the destruction of our currency. We are told yet again that our economy can grow itself out of this problem, at the same time our officials repeat the same mistakes over and over, with the same results. Einstein may have said it best: “Insanity is repeating the same experiment over and over again, expecting different results.” That is our World in a verbal nutshell.
Copyright ©2011 Bud Burrell

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