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SEC Accuses Cannabis Developers Of $25M Offering Fraud

The U. S. Securities and Exchange Commission has filed suit in California federal court accusing a group of companies of deceiving investors in their purported marijuana farm and CBD extraction facility as part of a $25 million offering fraud.

The SEC says in Tuesday’s complaint that between September 2017 and February 2019, six individuals in California and Arizona conducted a scheme through their businesses that included, among other things, misleading investors about their returns on investment, misappropriating more than $2. 7 million in investor money and deceiving investors about an alleged business loan. They had enticed more than 400 investors to ostensibly finance…

To Read The Rest Of This Article By Staff on Law360

Published: July 29, 2020

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