Categories: aggregated

What Happened to the $650 Million Dollar Cannabis Ponzi Scheme – And How to Spot One

Sixty-year-old Robert Russell from Duvall was charged by the US Securities and Exchange commission with violations of federal securities law, reports the Seattle Times. There was also an SEC complained, filed January 21, in a California federal court which states that investors were attracted to the offer because of Russell’s generous profits from his cannabis farm. Green Acre Pharms. Russell worked with a co-conspirator, Guy Scott Griffithe of California, who exhausted $3.5 million of the investors’ cash on “extravagant luxuries, inappropriate personal expenditures, and unrelated business ventures,” says the SEC complaint. Among these were a yacht and luxury vehicles.

Jason

Share
Published by
Jason

Recent Posts

Cannabis in Germany: Club Licenses Stall While Medical Access Shrinks

Germany has received nearly 900 applications for cannabis cultivation associations, but only just over half…

7 hours ago

So Will the Hemp Ban Be Delayed or Not? Tensions Rise Between the GOP and the White House

A Senate stopgap funding bill would delay the federal prohibition on most hemp-derived THC products…

7 hours ago

Rick Ross Doesn’t Want Dispensary Weed

He smokes in boardrooms, but he’s still on that underground frequency. This content originally appeared…

7 hours ago

No, Fox News, Cannabis Was Never ‘Legalized’ — It Was Patchworked, Taxed to Death, and Blamed for Prohibition’s Own Failures

Fox News opinion ran a piece recently from Scott Chipman, vice president of Americans Against…

7 hours ago

One Plant, Seven Perspectives: The Art From Our 50th Anniversary Print Issue

For our 50th anniversary, we handed the plant to the artists making its most striking…

1 day ago

Legal Weed Makes Businesses More Profitable? The Unintended Consequence Nobody Was Modeling for with Legalization

Corporate valuation increased in 21 of the 38 states studied following medical marijuana legalization. Gross…

1 day ago