Two men are facing charges of securities fraud, wire fraud and related offences in connection with a scheme to defraud investors in Canadian company CanaFarma Corp. and later CanaFarma Hemp Products Corp., the U.S. Attorney’s Office for the Southern District of New York has announced.
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It is alleged that co-founders Vitaly Fargesen, 52, and Igor Palatnik, 47, both of New Jersey, fraudulently raised approximately US$15 million ($18.6 million) from investors, failed to invest investor’s funds as promised, manipulated the public stock price of CanaFarma and secretly misappropriated millions of dollars of CanaFarma funds for personal use.
“Vitaly Fargesen and Igor Palatnik presented themselves as entrepreneurs
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