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CMKM defendant Gutierrez looks to stay out of jail

2018-10-17 10:27 ET - Street Wire

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by Mike Caswell

Ginger Gutierrez, a Nevada woman who pleaded guilty to fraud charges stemming from the massive CMKM Diamonds Inc. scheme, has asked for a probationary sentence. She says that she has already suffered considerable stress from the case, having had to live under an indictment for nearly a decade. She has been unable to find "quality employment," the charges having "turned her life upside down," she claims.

The request from Ms. Gutierrez comes four months after she pleaded guilty to helping Saskatchewan's Urban Casavant as he sold billions of CMKM shares. She and others dumped the stock as Mr. Casavant and others touted the "Casavant diamond brand" and a purported $50-million jade collection, among other things. (All figures are in U.S. dollars.) Ms. Gutierrez admitted that she personally sold 16 billion shares, realizing $2.8-million. Of that money, she remitted $1.1-million to Mr. Casavant.

When she pleaded guilty, Ms. Gutierrez entered into an agreement that specified prosecutors would request a one-year jail term. The agreement left her free to argue for a lesser term, however. In a brief memorandum filed on Oct. 12, 2018, she has done just that, requesting that the judge sentence her to two years of probation.

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