If you want to read a textbook example of massive stock fraud issuance and the role of crooked PR therein, take a look at the Securities and Exchange Commission’s complaint against Urban Casavant and his cronies.
Casavant used the pretext of a worthless diamond and gold mining company to issue over 600 billion shares of worthless stock–and collect over $60 million in the process.
The perps’ actions involve roughly the equivalent of counterfeiting. There are regulatory bars to companies with no operations selling vast numbers of shares to unsuspecting vics, and the Casavant crew allegedly sneaked around most of them.
The SEC alleges that Casavant used a crooked attorney to write bogus opinions for stock issuance, a crooked transfer agent, crooked brokers, and crooked press releases and chat boards.
Sadly, this fraud has been pretty well-known for years, and it’s disturbing that it’s taking this long to sort it out. Some of the parties, like the NevWest brokerage used to dump untold shares, have already been sanctioned by FINRA.
But Casavant is a Canadian resident, and it remains unknown whether he will be dragged back to the U.S. to receive the coveted Soap-On-A-Rope award (as in a prison sentence).
One thing you can be sure of is that investors won’t ever see their money again.
If there’s a bright side, it’s that Casavant didn’t go into politics, where there was just too much competition.
Image with permission of FreeFoto.com.
Share This
