1st Global Tells 9th Circ. It's Not Liable In $64M Stock Fraud

Law360, San Francisco (April 15, 2013, 8:58 PM ET) -- 1st Global Stock Transfer LLC urged the Ninth Circuit on Monday to reverse a Nevada federal court's ruling finding the company liable for a scheme to sell unregistered CMKM Diamonds Inc. stock, arguing the court was wrong to hold it had been a “necessary participant” in a scheme that cost investors $64 million.

CMKM hired 1st Global and its owner, Helen Bagley, to transfer the stock certificates to NevWest Securities Corp. before they were sold to the public, court documents said. But Bagley argued Monday that, under...
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