Chmk Diamonds the failed penny stock company that broke hearts and emptied pocketbooks as well as dashed investor’s hopes is now suing its founder Uran Cassavant. A lawsuit filed by the Company on April 25 , 2007 in U.S. District Court charges that Cassavant and his cohorts fleeced CMKM out of almost 200 $ million dollars.
The complainant claims that the financial scheme began in 2000 when he conspired with a Las Vegas based penny stock promoter and promoters to develop mineral claims in Saskatchewan Canada. As stockpatrol.com reported in late 2002 Causawant acquired control of a publicly traded shell company corporation and the hype surrounding CMKW began to take hold.
A series of press releases claimed that the company had discovered valuable kimberlite pipes and diamondferrous ores in Canada and was exploring for gold and zinc in South America and had entered into valuable alliances with other lucrative gold and diamond mining companies.
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