U.S. SEC Sues Cannabis-Related Investment Entities for Fraud
The U.S. Securities and Exchange Commission sued several individuals and their cannabis-related companies in California federal court this week, alleging they defrauded investors while raising more than $25M.
According to the July 28 civil lawsuit, nine entities and their principals raised more than $25M from more than 400 investors in multiple states between September 2017 to February 2019, “ostensibly to finance two marijuana related businesses.” (Read the complaint here.)
Five of those entities—Smart Initiatives, LLC, Valley View Enterprises LLC . . .
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