Wanna invest in cannabis? Here’s startup WeedGenics’ pitch:
Except there’s just one other thing…
… The California-based startup was actually a Ponzi scheme, feds say.
There was “no real company, no product, and no business,” according to the SEC, which shuttered the company last week and will pursue penalties against owners Rolf Max Hirschmann and Patrick Earl Williams.
The marijuana-growing front accumulated $61.7m in funding, allegedly spent on houses, dining, jewelry, and adult entertainment. Also:
Your takeaways?
You know better than to run a Ponzi scheme — Right? Right? — but there are still valuable business insights found in moments like this:
Business and tech news in 5 minutes or less
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