Another Day Another SEC Investigation Into A Cannabis Company For Fraud

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Summary

Ganajapreneur reports… The Securities and Exchange Commission (SEC) is accusing the co-founders of C3, a company that makes cannabis pill Idrasil, of $2 million in securities fraud, Law360 reports. Specifically, the complaint alleges that on C3’s and Idrasil’s websites, in investor offering materials, on social media, and in investor communications, C3 through Mr. The Smiths allegedly misappropriated over $1 million of investor funds to pay for their personal living expenses. Mr. The SEC’s complaint seeks permanent injunctions, disgorgement with prejudgment interest, civil penalties, and officer and director bars against the Smiths.

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Ganajapreneur reports…

The Securities and Exchange Commission (SEC) is accusing the co-founders of C3, a company that makes cannabis pill Idrasil, of $2 million in securities fraud, Law360 reports.

According to the complaint filed in California federal court, Steele Smith and his wife, Theresa Smith, made false statements to investors from 2014 to 2019 about Idrasil’s...

Read the full article @ Cannabis Law Report