SEC Complaint In Las Vegas Alleges Bogus Diamond (And Gold Mining) Stock Scheme
SEC complaint in Las Vegas alleges bogus diamond (and gold mining) stock scheme, see http://www.newspress.com/Top/Article/article.jsp?Section=LOCAL&ID=565278517454438696.
Here's part of the article:
"John Edwards, 65, a British citizen, and Urban Casavant, 51, a Canadian who has since moved back to Canada, are accused in court documents filed in U.S. District Court of making a combined $58 million with the scheme involving Casavant's company, CMKM Diamonds Inc.
Several others are accused of clearing some $6.3 million. Nine individuals and two other companies are named as defendants in the civil complaint, which the SEC filed on Monday.
It names Edwards as the mastermind of an operation that manipulated CMKM stock prices and volume from January 2003 to May 2005. Casavant is named as the sole active director of CMKM Diamonds until March 2007.
''CMKM had no meaningful operations other than issuing and promoting its own stock,'' the complaint says. The commission alleges the company issued up to 622 billion shares of purportedly unrestricted stock in one 20-month period.
About 40,000 investors bought CMKM stock at prices varying from 1/1,000th to 1/100th of a cent and trading at volumes sometimes exceeding 2 billion shares a day, according to the complaint."
.......http://www.JoeFROCKS.com/ .
Here's part of the article:
"John Edwards, 65, a British citizen, and Urban Casavant, 51, a Canadian who has since moved back to Canada, are accused in court documents filed in U.S. District Court of making a combined $58 million with the scheme involving Casavant's company, CMKM Diamonds Inc.
Several others are accused of clearing some $6.3 million. Nine individuals and two other companies are named as defendants in the civil complaint, which the SEC filed on Monday.
It names Edwards as the mastermind of an operation that manipulated CMKM stock prices and volume from January 2003 to May 2005. Casavant is named as the sole active director of CMKM Diamonds until March 2007.
''CMKM had no meaningful operations other than issuing and promoting its own stock,'' the complaint says. The commission alleges the company issued up to 622 billion shares of purportedly unrestricted stock in one 20-month period.
About 40,000 investors bought CMKM stock at prices varying from 1/1,000th to 1/100th of a cent and trading at volumes sometimes exceeding 2 billion shares a day, according to the complaint."
.......http://www.JoeFROCKS.com/ .
Labels: Gold
posted by Joe Ferrazzano at
12:57 PM
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