Shortly before the May 10, 2005 SEC hearing to revoke CMKM Diamonds’ status as a publicly-traded company, then CEO Urban Casavant told his shareholders: “We have been working to assimilate a tremendous amount of documentation and gathering the necessary witnesses to prove our case at the public hearing.” Five days later at the hearing, Urban Casavant refused to answer a single question, invoking his Fifth Amendment rights against self-incrimination. In all, Urban uttered the phrase “Fifth Amendment” a total of forty times. To this very day, there are countless CMKX shareholders who are waiting for Urban Casavant to finally step forward and explain his actions as former CEO of CMKM Diamonds. These are my own feelings about the situation, which is why I have chosen to post it here instead of on the CMKM Diamonds, Inc. website.
An open letter to Urban Casavant:
For years, you have refused to speak directly to anyone about your role in the defrauding of 50,000 innocent CMKX shareholders. You even refused to answer questions in a public hearing to revoke the very company that you told investors would make them all millionaires, choosing self-preservation over loyalty to your many believers. Many still believe that you are innocent, but only because it is hard to fathom anyone having such a blatant disregard for human suffering.
The innocent do not spread lies in total disregard for the well-being of others, nor do they hide in darkness while recruiting others to proclaim their innocence. The hard evidence tells the entire story, and no amount of deceit can hide the truth.
If you truly believe that you are innocent, then step forward and explain the $250 million that disappeared from Company accounts, leaving only $558 when you finally fled to Canada for the very last time. Explain how you were justified in squandering hundreds of millions of dollars to support your extravagant lifestyle while your shareholders struggled just to get by. Explain why it was okay to give yourself and four of your family members $15 million dollars worth of UCAD stock…stock paid for with CMKX shareholders’ money. Tell us why it was okay for you to write six million dollars in checks to yourself and your wife (who didn’t even work for the company) on a single day, while those who believed in you were losing everything they owned. And how do you justify spending $3.3 million in cash on a mansion just six days later while some of your shareholders were losing their homes?
Think about it. The average college graduate will earn around $2 million dollars through honest hard work in their entire lifetime. Yet, on September 21, 2004, you wrote a $3 million check to yourself and another $3 million check to your wife, money taken directly from the pockets of your most loyal believers.
We firmly believe that through the efforts of CMKM’s current management and the diligence of CMKX shareholders that justice will ultimately be served. The lies that are being spread to this very day are nothing more than a sick attempt to manipulate those whose trust you violated from the moment this massive fraud was conceived. Your continued attempts to undermine our cause only strengthens our resolve.
While most shareholders have awakened to the truth, there are some who still want to believe in you, even in the face of hard evidence that show that while you were shaking shareholders hands with one hand, you were picking their pockets with the other. Urban Casavant, you can only hide for so long. Soon, the truth will be exposed for all the world to see, and all the propaganda, rumors, and outright lies will not save you.