Saturday, September 19, 2009

Naked Shorting Loon Out as CEO of CMKM Diamonds

After the departure of the now-indicted Urban Casavant as CEO of the CMKM Diamonds stock scam, the "management" of this "company" appointed a suitable replacement: a Mark Faulk, who operates one of the looniest stock market conspiracy websites, "The Faulking Truth," the premier thought-leader of market conspiracy nuts until the mantle of leadership was assumed by Overstock.com CEO Patrick Byrne.

At the time he was picked to "run" CMKM about a year ago, his predecessor opined that he would move CMKM Diamonds "to the next level" -- of shareholder delusion, I imagine.

Faulk is to the left in this picture in which he poses with Darren Saunders, a totally bonkers former penny stock broker at Stratton Oakmont noted for his threatening emails to SEC officials and one-man vigils in front of Nasdaq headquarters. Saunders used to send me lunatic anti-Semitic emails, some of which I quoted here and here. Faulk praises Saunders on his Myspace page, saying he "speaks out for all of us." How true.

Yep, Faulk was well qualified to head CMKM.

CMKM has now announced on its website that Faulk is "stepping away from the Company CEO and moving on to pursue other endeavors." Such as what, I wonder? Another fraudulent company that blames its travails on naked shorting? Phil Saunders, who ran the now-defunct "Sanitycheck" stock market conspiracy website that was a major promoter of CMKM, probably can give Faulk ideas on where next to provide his services.

Bankrupt subprime lender, and naked shorting "victim," Novastar Financial perhaps?

CEOs, even "CEOs" (quote unquote) of "companies" (quote unquote) like CMKM, don't ordinarily quit after an indictment unless there is a mighty good reason. I expect we'll find out pretty soon what it is.

© 2009 Gary Weiss. All rights reserved.

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