It's going to have a short run though. I'm standing by my end of August prediction. When none of the "plans" happen within a month, interest will wane and that'll be the end of it. Unless of course someone or something does go after Urban & Co., that will be fun to watch. Somehow Urban going to jail will be good news and will tie in with "locking up shorty" or something like that.
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The accountant had information that UCAD received the $15 million from Urban, because they had done accounting work for UCAD, not because of any entries in CMKX books concerning the amount. If it was "personal", then there would be no corporate entries on CMKX books.
There is nothing in the letter that indicates that the accountant was looking for any "embezzlement" on the part of Urban. That is all your wishful speculation.
They were only asking for information on Urban's personal investment in UCAD which is out of the scope of an accountant's duties. They're not the FBI, they are accountants. If they had any suspicions of wrongdoing, their only obligation is to report it to the proper authorities, not to do a criminal invesstigation.
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quote:Originally posted by legaleagle: Please enlighten us on those conflicts of interest that you see, Wallace.
Like I told you before, legal, you don't know what represents a "conflict of interests"! This is the last time I will try to enlighten you and try to get something through your thick skull about conflicts of interest. Further, both items are very typical of "non-arm's length transactions" which are also considered to be unethical to say the least.
Loan to Casavant from a company that not only had no earnings, but owed money and couldn't pay it's own bills.
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W: "Loan to Casavant from a company that not only had no earnings, but owed money and couldn't pay it's own bills."
Wallace, ????????????????? What the ....... Are you reading the same document the rest of us are. This has to do with a personal investment by UC in UCAD. Where you getting all this loan stuff?
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Posted by: Investorman In reply to: janice shell who wrote msg# 179031 Date:7/29/2005 2:07:57 PM Post #of 179053
Stocklein says that the auditor couldn't know about anything illegal because CMKX didn't give him anything to audit. LOL - You can't know a crime has been committed because I didn't give you any evidence. This is good!
As CMKM's independent accountant you were required to have “procedures designed to provide reasonable assurance of detecting illegal acts that would have a direct and material effect on the determination of financial statement amounts.” 1 It is unclear what procedures you could have possibly designed to provide reasonable assurance of detecting illegal acts when in your own letter you made references to; CMKM books and records being unauditable because they are incomplete, the banking records [are] inadequate for obtaining competent evidential matter, and you were unable to quantify the amounts involved because you had not been provided sufficient information to do so.
-------------------- Invest with your brain not with your heart.
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As far as Stoecklein pushing the auditor on "detecting illegal acts", it doesn't relate to Urban.
Now I know you don't want to believe that, but would Stoecklein really be pushing for the accountant to find evidence against Urban. Gimme a break.
They are looking for the auditor to find the paper trail of criminal acts of a few of the "premerger syndicate" financiers, as I have been trying to point up for awhile.
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quote:Originally posted by legaleagle: W: "Loan to Casavant from a company that not only had no earnings, but owed money and couldn't pay it's own bills."
Wallace, ????????????????? What the ....... Are you reading the same document the rest of us are. This has to do with a personal investment by UC in UCAD. Where you getting all this loan stuff?
Without proper records, it is rather easy to say he did not get the money from selling CMKX stock. Do you suppose he sold the jade collection rights or sold 2 miniscule diamonds? I say not. Two ways appear obvious, either of which would mean serious legal trouble for UC. That's probably why, among other reasons, he took the 5th.
Oh, I forgot, UC has a fairy godmother who could have given him the $15 mil. I gave him the benefit of the doubt by saying it was loaned.
Someone had better start looking at USCA's records carefully too.
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Is there more new news from Friz-ZELL, or are you referencing his letter from yesterday?
quote:Originally posted by Wallace#1: GO GET 'EM FRIZZY!!! REMOVE CASAVANT (every last one of them)! REMOVE STOECKLEIN! REMOVE MAHEU! LITIGATE CMKX AND UC ET AL!
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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By: dustybutler101 29 Jul 2005, 02:56 PM EDT Msg. 243738 of 243759 Jump to msg. # LISTEN UP... PLEASE... Just spoke with John Martin and the company did call today and they were able to discuss the concerns expressed in Bill's letter.
John was very positive about the conference call and feels positive about the appeal getting filed and effots being made to find another auditor to get the financials fully prepared to file.
There were good reasons for the termination of the last auditor's relationship with CMKX... no details were given to me by John.
John also stress that there is NO intention what-so-ever of filing a class action lawsuit against the company. Bill's letter served one purpose and that purpose was fulfilled... the company responded.
John also stressed that we all have the best chance of winning if we all work together... the owners group and the company. I came away believing the company does intend to file and are actively seeking an auditor that is completely objective... which is the role of an auditor.
I also came away with a different perspective of Urban. A more positive one, thank goodness.
So I ask simply to wait and see what update Bill will release shortly... should be this afternoon or at least this weekend.
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=DJ IN THE MONEY: Judge Dismisses Short Selling Case Against DTCC
By Carol S. Remond A Dow Jones Newswires Column
NEW YORK (Dow Jones)--A federal judge in the central district of California has dismissed a suit against the Depository Trust and Clearing Corporation, or DTCC.
The suit, filed by Trident Systems International Inc., and its president, Alan Sporn, in U.S. District Court in August 2004, alleged that DTCC, which manages a global electronic clearing system, and a number of securities firms assisted short seller Anthony Elgindy and some 600 mostly unnamed co-conspirators in illegally trading shares of Trident.
Trident and Sporn alleged that Elgindy and others sold short Trident shares in 2001 without first borrowing them. The plaintiffs claimed that DTCC and the brokerages facilitated Elgindy's alleged illegal conduct by allowing improper trades in Trident's stock.
Short sellers typically borrow shares to sell them, hoping that they will be able to replace them with shares bought at a lower price later. Selling short without a borrowing agreement is called naked short selling.
Earlier this year, Judge Manuel Real dismissed a first amended complaint filed by Trident. After the company filed two other amended complaints, the brokerage firms and DTCC asked the judge to dismiss the case. Some defendants also sought sanctions against Sporn, Trident and their lawyers. On July 13, Trident agreed to withdraw its suit against more than 40 securities firms and waived its right to appeal the dismissal of its case against them. In return, the firms agreed not to seek sanctions against the company and its lawyers.
The case against DTCC was not dismissed at the time as Trident's lawyers sought to pursue a breach of contract claim against the clearing and settlement corporation.
Judge Real dismissed Trident and Sporn's case against DTCC on July 25, giving the company no chance to file another complaint against DTCC. The judge also granted DTCC's request to impose sanctions against Trident, Sporn and their lawyers.
The case againt individual defendants named in the complaint, including Elgindy, Robert Hansen, and Derrick Cleveland is still ongoing.
Elgindy currently sits in jail awaiting sentencing on unrelated charges that he used confidential government information obtained with the help of a rogue Federal Bureau of Investigation special agent to manipulate the stocks of small companies. Elgindy and former FBI special agent Jeffrey Royer were found guilty of racketeering, conspiracy and securities fraud by a Brooklyn jury in January. Cleveland and Hansen pleaded guilty to conspiracy to commit securities fraud and cooperated with the government. They are both awaiting sentencing.
Trident stock was not one of the many stocks mentioned during Elgindy's three-month trial.
(Carol S. Remond is an award-winning columnist and one of four who write the "In The Money" feature. She won a 2005 Gerald Loeb Award for best news service content with "Exposing Small-Cap fraud", a series of articles that described how three small companies unscrupulously pumped up their stocks.)
-By Carol S. Remond; Dow Jones Newswires; 201 938 2074; carol.remond@dowjones.com
(END) Dow Jones Newswires
07-29-05 1438ET
Copyright (c) 2005 Dow Jones & Company, Inc.
-------------------- Invest with your brain not with your heart.
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I just can't figure out if this is a tragedy or a comedy. Seems to have elements of both, as do many plays.
-------------------- The opinions expressed here by myself and others should be taken for what they are: opinions. Beware, many express opinion as fact. Do your own research from reputable sources and never invest more than you can afford to loose. ~,-,-< GatorMan
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Well, there's today feel good pill. Let's see what Mr. FrizZELL really has to say though. These jamokes that post feel good crap about phone calls are usually just blowing smoke. Btw, legal, they're not going to find an auditor willing to touch them. It isn't worth what it would cost them professionally, they cannot pay an auditor enough to wallow through their slop.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Well, they both have ears, but rarely use them, and never use their brain. A mope is a person who wanders around is sad, unhappy, and stupid. Jamoke is slang for a dick with ears, who might also be a mope. So, I guess you can interchange them or use them both together to reinforce your point. (Ex: Some of these mopes that think up these CMKX fantasies are real jamokes). Other appropriate discriptive names for these fellows, puke eaters, fisheads, goofs, slobs, windbags, gurus....I guess you have seen most of them from time to time.
quote:Originally posted by Upside: Will, I've noticed that two of your favorite adjectives are "jamokes" and "mopes". What's the difference between the two?
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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"Now all it needs is sex and we can sell it to Hollywood."
....and you think these guys are living in Vegas for the slot action alone? They're planting those Vegas whores two a time, Ric. They had 10's of millions of $ to blow. I'm sure the hard working girls of Sin City got some of legal's money. Nice warm feeling to know your hard earned cash went to help some struggling actress.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Okay, here’s a little wrinkle to scare the Koolaid crowd or anyone thinking of investing in diamond mining… Story headline from InTech periodical I receive at work. “Diamonds are a chemist’s best friend”Using chemical vapor deposition (CVD), researchers can now produce a 10-carat, half-inch thick single –crystal diamond at a rate of 100 micrometers per hour. Using new techniques, the Carnegie scientists have now produced a transparent flawless diamond. The standard growth rate is 100 micrometers per hour but 300 micrometers per hour may be possible. With the colorless diamond produced at higher growth rates and low cost, large blocks of diamonds should be available for a variety of applications… The diamond age is upon us. . Dr. Hemley said.! The article does state that growing diamonds has been around a long time, but not as cheaply, and as flawless as this new technique produces. It’s also states that the flawless diamond is high gem quality. My point being… if a diamond of top quality can be manufactured, why dig for them. This is the future and miners don’t like it. And on another note… why is UC’s son Ron showing up and UC is fading into the woodwork?
-------------------- Eagles may soar, but weasels don't get sucked into jet engines....
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quote:My point being… if a diamond of top quality can be manufactured, why dig for them.
Why buy a manufactured diamond when you can present your love with the Cadillac of diamonds? Give her a conflict free Casavant Brand diamond. When only the best will do.
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Nah, give her a conflict diamond, let her know there were lives given and blood shed for that rock!
quote:Originally posted by Upside: Posted by stockster5:
quote:My point being… if a diamond of top quality can be manufactured, why dig for them.
Why buy a manufactured diamond when you can present your love with the Cadillac of diamonds? Give her a conflict free Casavant Brand diamond. When only the best will do.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Oh. I apologize legal, I wasn't implying you personally used the working girl's services. I meant the money you invested in CMKX wound up helping a struggling actress. You live in Indianapolis, not Vegas, that should have been your clue to understanding my intent.
quote:Originally posted by legaleagle: "I'm sure the hard working girls of Sin City got some of legal's money. "
Will, you want to rethink that statement? I'm hoping you didn't mean it the way it appears.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Who's money does the cult think UC was using at the slot machines were he met his client. Man, how can I get a job like that. But really with the evidence presented over the last couple weeks and they still refuse to see the truth really is sad. Money lost forever.
-------------------- Invest with your brain not with your heart.
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quote:Originally posted by will: Oh. I apologize legal, I wasn't implying you personally used the working girl's services. I meant the money you invested in CMKX wound up helping a struggling actress. You live in Indianapolis, not Vegas, that should have been your clue to understanding my intent.
quote:Originally posted by legaleagle: "I'm sure the hard working girls of Sin City got some of legal's money. "
Will, you want to rethink that statement? I'm hoping you didn't mean it the way it appears.
That's what I was hoping you meant. We're ok. But lots of people from all over the world go to Vegas. Even some Christians
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