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CMKX Shareholders Coalition for Justice announces the commencement of legal action against the US Securities and Exchange Commission (SEC)

Companies / Market Regulation Oct 23, 2009 - 02:10 AM GMT

By: Submissions


The CMKX Shareholders Coalition for Justice announces the commencement of legal action against the US Securities and Exchange Commission (SEC) in both Canada and the United States. The action follows complaints filed with the Federal Bureau of Investigation in Nevada and the Royal Canadian Mounted Police in British Columbia, Canada. These complaints and the accompanying evidence allege that the SEC facilitated the counterfeiting of multi-millions of publicly traded stock shares by brokerage firms, many of which were implicated in Racketeer Influenced and Corrupt Organizations Act (RICO) felony crimes including counterfeiting and money laundering with organized crime.

More specifically, the evidence submitted to the authorities in the case of CMKM Diamonds (ticker CMKX), believed to be the largest counterfeited stock in United States history, indicates that the SEC colluded with insiders of CMKX to sell hundreds of billions (and possibly trillions) of counterfeit shares, and aided and abetted in the cover-up of brokerage firms who allegedly sold over three hundred billion counterfeit shares of CMKX. With the addition of RICO penalties to investor losses the Coalition is seeking restitution of seven hundred and fifty million dollars ($750,000,000) from the SEC and those they colluded with, along with a freeze on all CMKX assets including land rights past and present currently under regulatory control.

The Coalition is encouraging other victims of this crime to join our cause and form a coalition of companies to pursue a multi-trillion dollar class action in the near future. We have introduced evidence from the SEC themselves that prove they manipulated the market overall, and CMKX in particular, by not allowing short squeezes in these stocks, thus preventing the victim companies from recovering.

The complaint alleges that the SEC attempted to conceal the crime by creating an illegal regulation referred to as the “Grandfather Clause” allowing the perpetrators the right to not deliver these phantom shares as required under the Securities and Exchange Acts of 1933 and subsequent amendments. The complaint alleges that the Grandfather Clause was developed in concert with the perpetrators in a closed door meeting in June 2004, and is also in violation of the shareholders‟ 5th Amendment Constitutional property rights.

This view is shared by Mr. Rod Young, CEO of EagleTech Communications, who has stated “Every shareholder of any Company in America who purchased shares and cannot get them delivered has a cause of action against the SEC as an agency of the U.S. Federal Government for violation of their 5th Amendment Constitutional property rights.” EagleTech is just one of thousands of victim companies systematically manipulated and cellar-boxed by the brokerages under the supervision of the SEC and were then delisted / put out of business by the SEC when financially unable to meet their reporting and other business obligations, eliminating any obligation of the brokerage firms to deliver real shares or value to those they sold counterfeit stock to.

Mr. Young goes on to claim ”The government‟s successful defense using the discretionary exemption from Tort Claims in most cases since the 1947 case „Elizabeth Dalehite, et al. v. United States‟ does not apply here. The SEC does not have discretion to suspend the settlement process (Grandfathering), even temporarily as they claim.”

The SEC themselves have admitted in a Securities Industry and Financial Markets Association (SIFMA) meeting the true size and scope of the fraud committed, a fraud they facilitated and covered-up, and continue to cover up to this day. Significantly, the above comments relate directly to the Over the Counter (OTC) market alone. In a speech delivered by SEC Commissioner Paul S. Atkins, before the 34th Annual SIFMA Operations Conference, he states:

“I can't leave the topic of "fails" without touching on one more highly important issue currently facing the Commission. This goes back to the meaning of "fail" as a noun. The SEC has recently been involved in a very proactive (some might even say prudential) exercise with respect to the issue of fails in the OTC derivatives markets. In response to reports of widespread documentation problems in those markets, the SEC has joined forces with other regulators, most notably the Federal Reserve Board and Britain's FSA, to encourage OTC market participants to clean up years of incomplete and inaccurate trade documentation. The need to act was clear. From all reports, the backlog of unconfirmed trades, which essentially are fails, and the widespread and unchecked use of novations in the credit derivatives markets had crippled risk management efforts and set the stage for a massive meltdown in certain default scenarios. Given the multi-trillion dollar aggregate notional amounts of the contracts involved, it was easy to see that the OTC derivatives dealers and their counterparties had created an operational problem similar in scope to the late 1960's back-office crisis on Wall Street.”

To conclude, we have the evidence that shows massive collusion to defraud the public by the systematic counterfeiting of financial instruments including stocks. We believe this collusion will be found to be the largest RICO (racketeering) crime in history, and that CMKM Diamonds, in particular, is the largest example of this fraud. It is, however, only one company among thousands that were victims. We demand that an independent special prosecutor be named to investigate this crime and the Securities and Exchange Commission in particular, as they were regulators with the duty to protect the public. They not only did not perform that duty, we allege they were complicit in the crime which has cost the public trillions of dollars. We also demand a Pecora style commission to oversee the clean-up of the market and to restore its integrity.

Further updates on legal action will be forth coming.


Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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