posted
Just because it's halted, revoked, bankrupt and a fraud, doesn't mean anything in the Pinks...
Now is the time to BUY BUY BUY at .00000000000000000000000000000000000001 right?
If ya can't get shares? don't worry about it.. Just send me all the money, for safe keeping.
I go to the diamond mine a gazillion times a day and talk to the CEO and all the company officers, just like they do on another outstanding stock on the Micros.
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I know for one that I have been addicted to the penny stocks and have lost too much.
The line in the sand has been drawn. I am tired of the unstable OTC and OTCBB pennies.
I am moving on to the Nasdaquers to make me some money as they have numerous times before. The realization that making a fortune off the penny market is now worn away, I only wish that I had learned this years ago before jumping into the penny market. Granted I did make $10k off of PLNI at one point, the chances of losing are greater than winning in the penny market.
For all Newbies, I advise listening to all of the more esteemed posters here before diving into the market.
Just remember, holding a penny stock for more than a few weeks can be dangerous to your account.
Set a stop loss, and remember to sell into strength, or else you may lose out.
[ January 31, 2006, 14:24: Message edited by: Peaser01 ]
posted
NASD Charges NevWest Securities Corporation and Principals with Violating Anti-Money Laundering Rules
Washington, D.C. — NASD announced today that it has charged NevWest Securities Corporation of Las Vegas and two of its top officers - President Sergey Rumyantsev and Vice President Antony M. Santos - with violating NASD's Anti-Money Laundering Rule.
In its complaint, NASD charges that the firm failed to adequately implement and enforce procedures to detect and report suspicious transactions that the firm had reason to suspect involved possible securities fraud. Specifically, the complaint charges that the firm failed to conduct adequate due diligence and file appropriate Suspicious Activity Reports (SARs) in connection with highly suspicious transactions by a customer of the firm. NASD alleges that, during the relevant period, the customer opened 32 accounts at NevWest and sold more than 250 billion shares of a sub-penny stock, which generated total sales proceeds of over $53 million. NASD alleged that NevWest earned commission revenue on the sales totaling $2.5 million - 36 percent of the firm's total revenues during the relevant period.
"Suspicious Activity Reports provide law enforcement with information that's critical for investigating and prosecuting money laundering, terrorist financing and other financial crimes," said James S. Shorris, NASD Executive Vice President and Head of Enforcement. "Broker-dealers have an obligation to investigate 'red flags' indicating suspicious activity and, where appropriate, to file SARs. Despite a multitude of very obvious red flags, NevWest chose to look the other way, earning millions for itself in the process."
NASD's complaint charges that between January 2003 and May 2005, NevWest, through Rumyanstev and Santos, failed to adequately perform due diligence, file SARs or cease trading in multiple accounts controlled by one of NevWest's customers in connection with more than 500 sale transactions. The transactions involved a sub-penny stock issued by CMKM Diamonds, Inc. (CMKM) that traded in the Pink Sheets until the Securities and Exchange Commission (SEC) revoked the stock's registration in 2005. The complaint further charges that the firm and its officers ignored numerous red flags which reasonably should have caused them to suspect that the customer was violating federal securities laws. The complaint charges that the firm should have filed suspicious activity reports with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN).
Those red flags included:
* The massive volume of CMKM stock that was being sold through NevWest by this customer, which constituted as much as 36.7% of CMKM's total outstanding shares;
* Publicly available information about CMKM's financials indicating that CMKM had almost no assets. CMKM's last quarterly report, filed with the SEC on Nov. 18, 2002, showed that for the quarter ending September 2002, it had total assets of only $344 cash and total liabilities of $1,672;
* CMKM's failure to file annual reports with the SEC for the fiscal years 2002, 2003 and 2004.
* Information showing a relationship between the NevWest customer engaging in the suspicious transactions and a former officer of CMKM;
* The SEC's temporary suspension of over-the-counter trading in CMKM securities from March 3, 2005 through March 16, 2005 and the SEC's action on May 10, 2005 to revoke the registration of each class of CMKM stock. From March 17, 2005 until May 11, 2005, NevWest continued to sell at least 22 billion shares for its customer's account.
NASD also alleges that NevWest, through Santos, failed to comply with escrow account requirements and contingency offering terms, in violation of the federal securities laws and NASD rules; failed to timely report customer complaints and disclosure events pursuant to NASD rules, and failed to establish and maintain a supervisory system and procedures that were reasonably designed to detect and prevent these violations.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM!
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