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SEC nails naked short victim

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April 08, 2008 – Comments (2)

As usual, looks like yet another epic scam hiding behind a facade of victimhood.

LR-20519Apr. 7, 2008CMKM Diamonds, Inc., et. al.
See also: Complaint in this matter

The Securities and Exchange Commission today filed a civil injunctive action against fourteen defendants involved in the alleged illegal issuance and sale of unregistered stock of CMKM Diamonds, Inc., purportedly a diamond and gold mining company located in Las Vegas. With assistance from a transfer agent and an attorney, allegedly CMKM fraudulently issued hundreds of billions of shares of purportedly unrestricted stock to John Edwards, the scheme's mastermind, and his nominees, as well as to the nominees of Urban Casavant, the company's chief executive officer. The Commission alleges that as Casavant generated demand for CMKM stock through fraudulent promotion of the company, Edwards, Casavant, and their nominees sold their shares into the public markets for at least $64.2 million in profit, much of which was paid to Casavant to support his extravagant lifestyle. Allegedly, Edwards profited by about $26.4 million from sales through a single broker-dealer, Casavant profited by about $31.5 million, and Casavant's nominees profited by about $6.3 million.

2 Comments – Post Your Own

#1) On April 08, 2008 at 3:01 PM, ByrneShill (76.93) wrote:

Hey Bent, I'm OT, but check this cnn article:

http://money.cnn.com/2008/04/08/real_estate/pending_home_sales/index.htm?cnn=yes

It contains pearls like "Larson thinks tight lending standards and the absence of speculative buying are to blame for the weakness in the housing market."

Funny, it's like saying "Prices are going down because banks got tired of losing money and some people figured out it's just a ponzi scheme".

Also a quote for the 6%er in chief: "The slip in pending home sales implies we're not out of the woods yet," said Lawrence Yun, NAR chief economist .

I don't remember the cheerleader in chief ever displaying pessimism.

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#2) On April 09, 2008 at 10:41 AM, TMFBent (99.82) wrote:

Yeah.

"Lowered speed limits and mandatory safety belts and airbags are to blame for the weakness in the stiches and coffins market."

Terrible, when bad things stop happening to good people.

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