CALGARY, March 2 /CNW/ - The Alberta Securities Commission (ASC) is seeking orders against former CMKM Diamonds, Inc. CEO Urban Casavant as a result of a judgment rendered against him by the United States District Court, District of Nevada.
The judgment found that Casavant contravened U.S. securities laws in connection with trading in CMKM Diamonds, Inc. securities. In addition to imposing various conditions and restrictions upon Casavant, the Court ordered him to pay approximately $65.7 million in disgorgements, penalties and interest.
ASC staff allege that CMKM Diamonds, Inc. sold and issued securities to several Alberta investors. Based on the United States District Court judgement, ASC staff allege that it is in the public interest to seek orders permanently banning Casavant from trading in securities, using Alberta securities laws exemptions and acting as an officer or director of any issuer.
It is anticipated that an ASC panel will consider this matter in April 2010.
A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
SOURCE Alberta Securities Commission
For further information: For further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, (403) 297-4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488