Martinas B.

Judge Awards $33 million to CMKM Diamonds

by Martinas B. Jul 11, 2008

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cmkm_lawsuit.jpgSome time ago we wrote about CMKM Diamonds penny stock fraud. Well, it appears that the judge has finally reached his decision.

And the decision was to award $33.7 million to CMKM Diamonds, a tiny mining company that says it has got an asset rich of resources somewhere in Canada.

Current CEO and Chairman, Kevin West, noted "I am very pleased with the progress being made through the Company’s litigation. It is time to begin the search for someone with the business experience that is needed to move the Company forward."

The complaint said that John Edwards, who acted as the brains behind the fraud with a help of his other associates, issued hundreds of billions of shares of purportedly unrestricted stock. Among his compatriots, was former CMKM Diamonds CEO, Urban Casavant.

It is believed that Edwards and others pumped their unregistered stock into the public markets. According to the SEC, Edwards pocketed $26.4 million from sales through a single brokerage firm and that Casavant received about $31.5 million.


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Comments (2)

1. onyx
July 14, 2008, 01:28PM

Quotes I am a current share holder and this has been 3 years in the making for me. Unfortunately for others it's been much much longer.

2. lynn
July 12, 2008, 02:27PM

Quotes David Schauss needs to be caught in his high end FRAUD Report him now.. Don't ask again go to the authorities.

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