Replies to post #112991 on CMKM Diamonds Inc (fka CMKX)

[janice shell]

To say the SEC has been investigating Urban the whole time without informing the public is a no-no. To allow thousands of investors to purchase stock in a company that is "secretly" being investigated for MAJOR SECURITIES FRAUD would in itself drop major cow-dung in the lap of the SEC. At the very least, the SEC would have issued a press release revealing an investigation of some sort was taking place A LONG TIME AGO.

No. That's not how they work, and it's one of the things about them that I find most annoying. Sometimes they investigate a company for several years before pouncing. The companies aren't obliged to inform shareholders unless the SEC sent them written notice of a formal investigation.

And that reminds me: remember the--was it a PR or something else?--in which it was said specifically that CMKX had received no WRITTEN notice of any ongoing investigation? I said at the time that that could be significant, and suggested that perhaps an "informal" investigation was underway.

[Jim Bishop]

"Why couldn't the SEC forewarn me that it was about to suspend trading before I bought the security in the first place?

The SEC cannot announce that it's working on a suspension. We conduct this work confidentially to maintain our effectiveness and to guard against the destruction of evidence if our work becomes widely known. Confidentiality also protects a company and its shareholders if the SEC ultimately decides not to issue a trading suspension. Mindful of the seriousness of suspensions, the SEC moves as quickly as possible when it considers a trading suspension."



http://www.sec.gov/answers/tradingsuspension.htm

[Mad_Clown2]

Will, the SEC, by law, must keep all investigations secret until they announce the halt. This is to keep companies from destroying evidence, and to protect companies if, in the end, they have done nothing wrong and the investigation is stopped. Also, after the halt has expired, they are not allowed to say anything more until they announce the enforcement action. You can read this right on the SEC website. I just did.

I don't care how much money Urban put in front of him, it just wouldn't have happened. NOT with a PARTNER at E&A.

Stop treating lawyers like Mother Theresa. They, in general, are slime ball, slick talking ambulance chasers who work for the highest bidder. I also doubt Roger jumped at the chance to work for Urbie. But I feel he jumped at the compensation figure he was offered.

[chisox pat]

Will, did you expect the SEC to warn you personally? There have been plenty of warnings posted right here on this board, but you were either too stubborn, or too dim to accept them.

Even if the SEC had issued a warning, I bet you would have dismissed it, "because it wasn't in an official CMKX PR"