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Casavant family members named in suit
David Hutton, Saskatchewan News Network; Canwest News Service
Published: Friday, September 12, 2008

SASKATOON -- Several family members of a Prince Albert man involved in an alleged scam that cost investors millions of dollars are being sued in Texas for their role in the operation.

The suit is the latest in a series of actions launched in connection with the largest penny stock fraud case in history.

At the centre of the allegations is Prince Albert's Urban Casavant, the 51-year-old former CEO of CMKM Diamonds Inc., who hasn't been heard from since he was charged by the United States Securities and Exchange Commission (SEC) in April.

Sources say Casavant is back in Saskatoon, laying low with family while being investigated by the Federal Bureau of Investigation, the Internal Revenue Service and the U.S. Department of Justice.

The court documents allege millions of dollars flowed from company coffers to some members of Casavant's family in Saskatoon and Prince Albert.

The court filings say one of the main beneficiaries was Carolyn Casavant, Urban's wife, who was issued more than $4.8 million, CMKM's lawyer alleges in the documents. Victor Casavant allegedly gained more than $740,000, while Ron Casavant made $290,000, the documents claim.

Mark Faulk, the new CEO of the CMKM Diamonds, said "millions of dollars were passed through the family" in the alleged scheme.

Faulk, an author who investigated the case for his book The Naked Truth, said the company is negotiating with lawyers "to expand our legal team and fully intend to do everything within our abilities" to recover assets allegedly received by Urban Casavant and his family.

Most of those involved went into hiding when the SEC investigation became public, Faulk said.

But Carolyn remains in the family's high-end home, which overlooks the signature hole at the Willows Golf and Country Club. Carolyn and several other family members named in the suit refused comment when contacted by the StarPhoenix.

Casavant, a former prison guard and U-Haul franchise owner in Prince Albert, and several American cohorts allegedly conspired to sell billions of shares of unregistered CMKM stock -- at least $64 million from 40,000 investors around the world between 2003 and 2005.

The company claimed to hold mineral rights near Prince Albert and sent out phony media releases about its discoveries.

To add to the hype, Casavant started the CMKXtreme team of drag racers that travelled to events across the U.S., the cars emblazoned with the CMKM stock symbol. Hundreds of shareholders who attended the races visited a CMKM tent, where the company made its sales pitch.

Casavant allegedly pocketed $31.5 million and blew most of the money on a lavish lifestyle that included high-roller gambling at casinos.

After being shown a photograph of Urban Casavant, a neighbour said he saw him coming and going from the house where Carolyn resides in the summer. There were also several stock racing cars parked in the driveway of the house in the spring, another neighbour said.