SEC Charges ‘King Of Pot’ With Investment Fraud
Greed the downfall of good ideas
If all charges are true this is an example of how greed can turn good ideas into bad and bad ideas even worse. There are many companies evolving in the Cannabis and Hemp trade some will make it some will be absorbed into others, and many will just fail. The stock market is a dog eat dog business so it is no surprise to see all sorts of failures. Until this case completes its day in court we can not say the CEO is guilty on this particular case but his istory is an interesting one, and not complete surprise to the author of this blog.
Federal securities regulators have filed a complaint against Bruce Perlowin that charges the CEO of publicly-traded Hemp Inc of committing a long-running fraud by evading securities registration provisions and selling hundreds of millions of unregistered shares. Perlowin embraced the title of ‘King of Pot’ after spending nine years in prison for drug smuggling. He was one of the leaders of the pot penny stock bubble of early 2014 that saw the shares of dozens of thinly traded marijuana companies briefly soar and then collapse.
For disclosure purposes the author of the simplyreliableweed blog a share holder in HEMP.
