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by Mike Caswell

Jeffrey Turino, one of those charged in the massive CMKM Diamonds Inc. fraud, has received a six-year jail term. Nevada Judge Jennifer Dorsey handed down the sentence in a court appearance on Monday, March 27. In addition to the prison term, the judge ordered Mr. Turino to serve five years of supervised release and imposed a $35-million restitution order on him. (All figures are in U.S. dollars.)

Mr. Turino, 60, was one of several people charged alongside Saskatchewan's Urban Casavant for the CMKM fraud. Prosecutors claimed that the group dumped billions of unregistered CMKM shares, generating $60-million in illegal profits. Mr. Turino's role included routing share transactions through nominees and associates in Florida.

The six-year sentence means that Mr. Turino will not serve any new time in jail. He previously served six years after his September, 2010, arrest in the Netherlands (and subsequent extradition) on the CMKM charges. He remained in custody until after he pleaded guilty in Nevada on Aug. 22, 2016.

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