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Post by Franko10 ™ on Jan 18, 2008 19:51:16 GMT -5
Canadian Man Swiped $200 Million
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.
Link: 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.
Link: www.courthousenews.com/Casavant.pdf
