30Jul Silver State Bank: What’s Deposited in Vegas Doesn’t Stay in Vegas
“When the casinos treat you poorly, let Silver State treat you like a valued customer.”
~ Silver State Bank Motto
In yet another bizarre development in the saga of CMKM Diamonds, better known as CMKX, one of the largest financial frauds in history, Andrew McCain, the son of presumptive Republican presidential candidate John McCain, resigned from the Board of Directors of Henderson, Nevada based Silver State Bank, the bank where hundreds of millions of dollars was deposited as it was stolen from CMKX shareholders. (more…)
30Jul From the ashes: CMKM Diamonds refuses to “just go away”
From the ashes: CMKM Diamonds refuses to “just go away”
By Mark Faulk
July 10, 2008
http://www.faulkingtruth.com/Articles/Investing101/1082.html
(Mark Faulk is the author of a just-released book detailing the incredible story of CMKX. The Naked Truth: Investing in the Stock Play of a Lifetime is available at www.thenakedtruthbook.com )
While CMKM Diamonds, Inc. (former trading symbol CMKX) might not yet qualify as the proverbial phoenix rising from the ashes, the company has shown that it’s far from exhaling its dying breath. Originally hyped as a diamond and gold mining company (with promises and/or rumors of uranium, zinc, platinum, and an ancient Chinese collection thrown in for effect), the approximately 50,000 shareholders were instead defrauded of over $250 million by company insiders and their cohorts. (more…)
30Jul Better Late Than Never…SEC Files Charges in CMKX Case
Better Late Than Never…SEC Files Charges in CMKX Case
By Mark Faulk
April 8, 2008
http://www.faulkingtruth.com/Articles/Investing101/1081.html
The Naked Truth: Investing in the Stock Play of a Lifetime is available at www.toginet.com
To read excerpts from the book, go to:
www.faulkingtruth.com/Articles/Investing101/1080.html
www.faulkingtruth.com/Articles/Commentary/1078.html
Three and a half years after the company was delisted, and over two and half years after the NASD filed charges against NevWest Securities in the same scam, the SEC charged 14 individuals in the CMKM Diamonds fiasco. Although thousands of shareholders were jubilant over the news, for many it seemed to be a case of too little, too late, and raised many questions about who wasn’t charged and why it has taken the SEC so long to bring charges in this case. (more…)
30Jul Is Canada Robbing America Blind? - Terrorism North of the Border
Is Canada Robbing America Blind? - Terrorism North of the Border
By Mark Faulk
March 19, 2004
http://www.faulkingtruth.com/Articles/Commentary/1001.html
This is the faulking truth: Canada has for years been systematically defrauding the US of money by allowing investors using Canadian brokerage firms to practice the act of “naked short selling” American securities.
Up to now, the SEC has largely ignored (and most likely even condoned) the problems with the market, especially the OTCs (over-the-counter, or penny stocks). Naked short selling is unethical, and should be illegal. Plus, I’ll go a step further: Allowing Canada to play by their own rules (there aren’t any in regards to naked shorting) is giving them the power to move investors’ money from America to Canada legally, in effect robbing our country of wealth, and giving it to those north of the border. Unless we change our rules to force shortsellers to find shares to physically cover their positions (which the NASD tried to do a few years ago, before the SEC stripped the regulations of their real power before enacting them), and force foreign countries (in particular Canada) to play by the same rules that American investors are required to follow, then our country’s citizens will continue to be robbed of our wealth, and small, struggling public companies will be continually forced to the verge of bankruptcy or worse.
(more…)
30Jul Financial Terrorism in America
Financial Terrorism in America
By Mark Faulk
March 19, 2004
http://www.faulkingtruth.com/Articles/Investing101/1001.html
Part one: The Sucker
Picture this: You are a small-time investor who stumbles onto a start-up company that has just developed an innovative new product, a cutting edge technology, or maybe a medical breakthrough that could very well be “the next big thing”. In the back of your mind, you can’t help but think, “This could be the next Microsoft”, and you have a chance to get in on the ground floor of a hidden gem that the big investors and analysts haven’t even heard of yet. You do your homework, research the outstanding shares, study the recent press releases and filings, and read about the company on the stock message boards. Finally, you take the plunge, and decide to buy 500,000 shares at a nickel a share. That’s right, you now own 1% of (there’s that thought again) the next Microsoft, for a paltry $25,000. Sure it’s a bit of a risk, but you know the saying, “no risk, no reward”. You hit the buy button, turn off your computer, and wait for the money to roll in. A couple of weeks later, the company announces that they have secured a major financing deal, and now have the money to take their product to market, and you know you made the right decision. The volume picks up, the message boards are buzzing, and all is right with the world. (more…)
30Jul The CMKX Story: When Too Much Isn’t Enough
The CMKX Story: When Too Much Isn’t Enough
By Mark Faulk
June 1, 2006
http://www.faulkingtruth.com/Articles/Investing101/1058.html
“..every stockholder is entitled to have a certificate, signed by officers or agents designated by the corporation for the purpose, certifying the number of shares owned by him in the corporation.”
On October 28, 2005, CMKM Diamonds, Inc. (best known by its trading symbol CMKX) was delisted by the SEC for non reporting violations, halting trading of the stock in a company that had issued an incredible 703 billion shares of “real” stock, sold to over 50,000 shareholders. Shortly afterwards, the company appointed a three person task force, consisting of Attorney Bill Frizzell, Attorney Don Stoecklein, and Howard Hughes’ former right-hand man Bob Maheu, to “identify bonafide shareholders” of the company’s stock, a process that after seven months and three deadline extensions, still has not been completed, as brokers have used excuse after excuse to delay delivery of shareholders’ stock certificates. (more…)
