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Ponzi scheme involving weed


bernorange

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According to the complaint, from in or around June 2019 to at least April 2023, INR/WeedGenics and its owners advertised opportunities to invest in its cannabis cultivation and retail distribution business through its website and other investment forums/websites, the SEC said. The firm was operated by Rolf Max Hirschmann, 52, of Eagle, Idaho, who is known to the investors as “Max Bergmann,” and Patrick Earl Williams, 34, of St. Petersburg, Fla., who had an online presence as “BigRigBaby,”

Investors were led to believe that their funds would be used to develop and expand a cannabis cultivation facility in Adelanto, Calif., and that the business would generate regular interest payments for investors. They were also told that the company’s facilities in California and Nevada were making millions in revenue each year, and the investments were stable and guaranteed. “Defendants also represented that they had the requisite licenses and permits necessary to operate such facilities. In truth, however, all of this was a sham,” the SEC said.
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https://www.fa-mag.com/news/finra-bars-ex-edward-jones-broker-linked-to-alleged-pot-ponzi-scheme-75800.html

Their investments went up in smoke.

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Color me shocked, someone was left holding the bag on an faulty investment scheme involving beatnik drugs! 

Now if you'll excuse me, with interest rates about to tick down again---we're just gonna be over here doing legitimate, drug-free investment structures using insurance swaps on commercial real estate loans given the growing decline in office occupancy rates.  Damn hipsters on the pot.  

 

  • Haha 1
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