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Author Topic: CMKX...whoa lawsuit right on the ball!
CashCowMoo
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I figured id post this...since a lot of you are familiar with this....check out this lawsuit against urban!


http://www.courthousenews.com/Casavant.pdf


Canadian Man Swiped $200 Million
In Penny Stock Scam, Investors Say
LAS VEGAS (CN) – Urban Casavant drained CMKM Diamonds Inc. of more than $200 million and spent it on gambling debts and real estate, including a $3.5 million home here, and funneling the rest into trusts and shell companies, CMKM claims in Clark County Court. Casavant, of Saskatoon, allegedly acquired more than 1 million acres of mineral claims in Saskatchewan and came to Las Vegas to promote them, promising to create “one million millionaires” by selling lots of 1 million shares of stock for $100. He said his land had diamonds, and claimed the company was about to be bought for $1.54 a share, the complaint states. While running this scam for more than two years, Casavant “dumped over 700 billion shares into the marketplace. This scheme was perpetrated by Casavant along with highly paid lawyers and insiders of the company, including defendants (Mike) Williams, (James) Kinney, (Ginger) Gutierrez and (Brian) Dvorak,” the suit states. Plaintiffs also sue Deshawn Wayne, P.A. Holdings and Bucko LLC. They seek disgorgement and punitive damages. They are represented by David Koch with Turner Green Afrasiabi & Arledge. See complaint.

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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Doctoall
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Urban should understand "what goes around comes around". He will be a welcomed "new honey" in jail [Big Grin]

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Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow

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glassman
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interesting, the plaintiff is CMKM itself...

i hope they totally bury him...

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CashCowMoo
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yeah the sad thing is that there are still people who hold shares that think even THIS is all part of some master plan or sting. When the new CEO Kevin West put out a PR stating that acca, the belgians, all the pumpers were spreading lies and not to listen to them....well that made a lot of them angry.


the truth hurts....its nice having a CEO who does PRs though!! I think the new CEO is pretty cool.


there are STILL sting...massive coverup sting theories going around. They cant find corporate records of urbans dealings...they are missing, lost, or destroyed. There are so many lawsuits pending, and soon to be pending against urban his next few years will be tied up in the courtroom.

I dont get it...did he think that he could just swindle all those millions, lock them in trusts that nobody can touch, and get away with it?

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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glassman
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yes he did... he watched plenty of others do it and get away with it..
the difference is just how many shares they sold..

look at Enron...

even on the MSNBC Democratic presidentail debates last week? Hillary was asked about her opinions on Hedge funds and are they good for America? her NY Senator response was to say they are good...

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Don't envy the happiness of those who live in a fool's paradise.

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Doctoall
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Looks like he is back in Canada, good luck getting in back in a US courtroom [Big Grin] Maybe we can send the "Dog" to look him up.

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Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow

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T e x
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quote:
Originally posted by glassman:
yes he did... he watched plenty of others do it and get away with it..
the difference is just how many shares they sold..

look at Enron...

even on the MSNBC Democratic presidentail debates last week? Hillary was asked about her opinions on Hedge funds and are they good for America? her NY Senator response was to say they are good...

that's what needs to be attacked, imo--was there a backup/followup question? at that level, reporters need to be like lawyers who never ask a question they don't know the answer to...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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glassman
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nope no followup... it was a followup question itself, and posed to Edwards and then Clinton nobody else:

MODERATOR: And, Senator, I have a follow-up for you. On modern day America, you’ve been in counsel to hedge funds. Do hedge funds make America any better in any way?

EDWARDS: Well, I think what — first of all, I think the financial markets are an important component of trying to figure out what it is we need to do about the fact that we have 47 million people without health care, 37 million people who wake up in poverty every day. They play an enormous role in how money moves in this country. And I happen to believe that we have a responsibility to the people in this country who wake up every day worried about feeding and clothing their children. And I think those people in New York who work in financial markets understand — in some ways, at least — what can be done and can play a significant role in trying to lift people up who are struggling. I am proud of what I’ve been doing for the last few years. You know, I’ve been all over the country, organizing workers into unions and raising the minimum wage, and also working at a poverty center at the University of North Carolina.

MODERATOR: I’m afraid time is up. Senator Clinton, you represent the state of New York — just mentioned. How is America a better place because of all these burgeoning hedge funds?

CLINTON: Well, I think that America is a great place because we have an entrepreneurial economy. We have people who are willing to make stakes and new enterprises and invest their money. And, obviously, one of the other reasons we’re a great country is because we’ve learned over the years how to regulate that, so nobody gets an unfair advantage — and that we, you know, have a framework within which our free market system operates. Obviously, for me, it’s exciting to represent both New York City, the global capital market leader, and yet I also represent a big state where there are a lot of poor people and people who have no access to health care. They don’t have access to affordable college. They’re worried about their futures. So what we’ve got to do here is get back to having a Democratic president who will set the rules, so that we can continue to build our economy, we can inspire and incentivize people to take those risks, but we begin to repair the damage that has been done by this president and Republican Congress.


http://polstate.com/?p=5105

as usual? politicians don't really answer the question

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Don't envy the happiness of those who live in a fool's paradise.

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T e x
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wheee...now that's how to play dodgeball.

well, at least the question is on the record...maybe some reporters are starting to "build the box"... ??? Hope so...

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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glassman
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quote:
Originally posted by T e x:
wheee...now that's how to play dodgeball.

well, at least the question is on the record...maybe some reporters are starting to "build the box"... ??? Hope so...

i wouldn't get my hopes up too much..

i read somewhere that some Senators got loans from the hedges themselves to enter, and the minimum entry amount reduced for them so they wouldn't have to come up with the normal minimum... i wish i had tagged that, it didn't mention names, so it may be just BS...

the free market shouldn't mean free of rules [Roll Eyes]

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Don't envy the happiness of those who live in a fool's paradise.

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glassman
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Hedge Fund Regulation: Enough Already
Perrie Weiner and Gregg Zucker 04.13.07, 4:20 PM ET

Perrie Weiner is a partner and international co-chair of the securities litigation practice at DLA Piper US LLP. Gregg Zucker is also a partner in the firm's securities litigation department


As the saying goes, "If it ain't broke, don't fix it." At least in the context of hedge funds, the system is not broken. The hedge fund industry has grown to over $1 trillion in managed assets during the last few years, contributing to prosperity in this nation’s capital markets. As chairman of the Securities and Exchange Commission, Christopher Cox, observed, hedge funds "provide investors and our national securities markets with tangible benefits...[by] contribut[ing] substantially to capital formation, market efficiency, price discovery and liquidity." Although hedge funds play a vital role in the markets, they also have become the target of overzealous politicians, who have demanded new, unwarranted regulations--such as imposing excessive and costly registration requirements and restricting the investors that can participate in hedge funds by increasing minimum capital requirements. These proposals will only curb the benefits of hedge funds and reduce the innovative, vital role they play in the financial markets.
Senator Christopher Dodd, also of Connecticut and currently a candidate for the Democratic nomination for President, said the Senate Banking, Housing and Urban Affairs Committee, which he chairs, would demand testimony on "what, if any, steps they intend to take to ensure that these concerns [about hedge funds] are being addressed in an effective and appropriate manner." The capital markets can only hope that these hearings do not become a political publicity stunt.


http://www.forbes.com/wallstreet/2007/04/13/hedge-fund-regulation-op-ed-cx_pw_04 13hedge.html


On the investor protection front, hedge funds are already limited to "accredited" investors who must meet certain thresholds of net worth or income. Chairman Cox has recognized that hedge fund investors are not typical "mom and pop" investors, and there are not "significant numbers of truly retail investors investing directly in hedge funds."

Chairman Cox explained that, despite calls for new regulation, "Hedge funds today remain subject to SEC regulations and enforcement under the antifraud, civil liability and other provisions of the federal securities laws." There are plenty of regulations governing their conduct. As Cox continued, "The Securities Act, the Exchange Act and the Advisers Act each provides the Commission with separate authorities to regulate fraud and unfair dealing by hedge funds."



nobody seems to be talking about the damage they do to the market itself..

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Don't envy the happiness of those who live in a fool's paradise.

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T e x
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ya... Cox likes "price discovery" [Eek!]

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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glassman
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sheesh... what crooooccck..
the price "discovered" is whatever they can make it into depending on how much risk they are willing to expose themselves to....

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Don't envy the happiness of those who live in a fool's paradise.

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T e x
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so...waddya think? chip implants into every piece of folding money? [Big Grin]

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

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The Bigfoot
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I thik it is fairly obvious from the answers above that neither Edwards or Clinton have any knowledge of what hedge funds really are.

Amazing how quickly both those answers turned to medicare and homelessness.

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No longer eligible for government service due to lack of tax issues.

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IMAKEMONEY
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HEDGE FUND MANAGERS AVERAGED 1.2 BILLION DOLLARS IN PAY LAST YEAR. SWEET GRAVY. [Eek!] [Eek!] [Eek!] [Eek!] [Eek!]

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LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!

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CashCowMoo
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looks like its going to get ugly!


May 02, 2007 08:08 PM Eastern Daylight Time
CMKM Diamonds, Inc. Files Lawsuit and Wins Restraining Order Against Former Insiders
TYLER, Texas--(BUSINESS WIRE)--As mentioned in the previous press release of 4-20-07, CMKM Diamonds, Inc. has recently received several boxes of corporate records revealing evidence not previously known to new management. CEO Kevin West states, “In response to this new information, I have asked Bill Frizzell to file suit in Nevada against some former Company insiders in an effort to attach some assets that I believe belong to the Company. Our investigation suggests that there may be legal action in the future against additional parties.”

The Company filed the lawsuit and a request for a Temporary Restraining Order in Nevada state court on Wednesday, 4-25-07. The restraining order was granted on Monday, 4-30-07. The lawsuit and all attachments can now be viewed on the corporate website at www.cmkmdiamondsinc.com.

Mr. West addresses all CMKM shareholders: “I cannot adequately express the gratitude I have towards the entire CMKM community for their resolve and support of our collective search for the truth. Our best chance of restoring value to the shareholders, as well as achieving some measure of justice, is represented by our current legal action. CMKM is fortunate to have such a significant shareholder base with a large number of passionate and resourceful individuals supporting our course of action. We are confident and optimistic that our goals are realistic and obtainable.”

Shareholders have been inquiring how the Company can expect to maintain operations and fund legal efforts given the present shortage of assets and an outstanding share count of over 703 billion shares. These are legitimate questions. In response, at this time we present an overview of the Company’s present objectives (with more details to be outlined in future communications).

The near-term focus of management will be to take action in pursuit of the following goals:

Find lost/misappropriated Company funds, and return them to the Company;
Locate those who have wronged the shareholders, recover assets from them, and if appropriate, their insurers;
Thoroughly evaluate all pending contracts and current legal obligations to expedite the Company’s return to trading.
In the first of two CEO updates on 4/18/07, Mr. West mentioned an ongoing investigation by attorney Bill Frizzell “into the sale of bulk certs.” To this subject, Mr. West now adds, “We have evidence of the attempt by at least one specific large brokerage firm to purchase for itself, rather than simply transfer, such certificates. However, we will have an expert examining several suspect transactions.”

All attorneys hired by CMKM Diamonds, Inc. have been instructed to respond only to the Company and the Frizzell Law Firm. Responding directly to shareholder inquiries does not presently represent the productive use of their time. Please support these directions given to the Company attorneys by not making any attempts to contact them.

The Company intends to keep shareholders informed through the corporate website as events occur.

Safe Harbor Statement:

This news release contains certain “forward-looking statements” within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that actual results will meet or exceed such expectations.

Contacts
CMKM Diamonds Inc., Tyler
Kevin West, 702-946-9497

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It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so.

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