By Jon Prior of the Dallas Business Journal
(Sept. 7) – Addison marijuana investor Greenview Investment Partners has been charged by the Securities and Exchange Commission for allegedly making false promises about its returns to those wanting to put money into the industry.
The firm shut down over the summer amid an investigation by the FBI, the Dallas Business Journal previously reported. It has been confirmed that the U.S. Attorney’s office in the Central District of California is pursuing a parallel investigation to the SEC’s. Investigators have brought charges against the firm’s founder Michael Cone and seized roughly $1.4 million in cash.
“Greenview allegedly exploited investor interest in the marijuana industry and lied about high returns and the backgrounds of its key executives,” Shamoil Shipchandler, director of the SEC’s Fort Worth office, said in a statement Wednesday. “Investors must remain vigilant and not let the fear of missing out dupe them into making bad investment decisions.”
You can read more of the story in the Dallas Business Journal.