The suspected $50 billion Ponzi scheme operated by Bernard Madoff has made national headlines due to its size, scope, and some of the celebrities who lost a bundle with their man Bernie.
But in Las Vegas, where the Founding Fathers ought to have erected a statue of Ponzi on Main Street, there is case I’ve been writing about for years that also deserves attention. It’s the story of CMKM/CMKX Diamonds and its chief pitch man, casino high-roller Urban Casavant.
Casavant has sold billions – yes, that’s billion with a ‘b’ – of shares of stock to suckers by claiming to possess prime diamond mining territory in the far reaches of Canada and the ability to get the gems out of the ground. The SEC has been iceberg-slow to investigate him.
What we have established is that Casavant had a lavish lifestyle that included gambling and a racing team that sported the CMKX logo. There’s also a certain Nevada Secretary of State-turned-Congressman who is a weekend racer who used a CMKX vehicle many years ago before the scandal broke in the mainstream media.
Anyone have thoughts about Casavant’s business, whereabouts, and current status?
I’d like to know.