CMKM Diamonds Inc. (fka CMKX)

[lvd001]

The Ninth Circuit rejected the SEC’s contention that a stock transfer agent and its principal are necessarily liable “by virtue of their position” for a company whose unregistered shares were sold in violation of Securities Act Section 5. SEC v. CMKM Diamonds, Inc., Nos. 11-17021, 11-17025 (9th Cir. Decided September 10, 2013). The Commission did prevail on a question of whether a stay should have been granted as ton one defendant in the district court and on a question concerning disgorgement.

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the link :

http://www.lexology.com/library/detail.aspx?g=e4abe6ae-9cfd-49d7-89c3-296f17350ccd