The U.S. as of January 2016 The amount of the financial recovery in the Securities and Exchange Commission v. CMKM Diamonds, Inc. case is unknown, according to the Securities and Exchange Commission. In response to reports about a settlement fund, the U.S. Department of Justice, which is pursuing a separate but similar criminal case, stated that it has no proof that there is a fund available to cover claims of misled CMKM stockholders.
The SEC claims that it brought a civil lawsuit in 2008 against the business and 13 specific defendants, accusing them of breaking the law by issuing and selling stock in CMKM Diamonds, Inc., a purported mining firm in Las Vegas, Nevada. The court issued judgments against multiple defendants, requiring them to return millions.
The judgments’ enforcement is still pending, though. According to the SEC, if sufficient assets are seized to enable investor repayment, it may choose to submit a court motion to propose a settlement agreement.
2009 saw the U.S. The U.S. Attorney’s Office in Las Vegas, Nevada, filed a second lawsuit, accusing six of the defendants of securities fraud in connection with the CMKM Diamonds case. Office of Justice. As of September 2015, that case was still pending.