Three men in the U.S. have been implicated in a cannabis-related scheme in which they allegedly raised about US$2 million ($2.6 million) from retail investors through separate companies, but ended up using the cash for personal matters.
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A complaint has been filed against Robert Shumake, Nicole Birch and Willard Jackson, as well as one issuer, for “conducting a fraudulent scheme to sell nearly $2 million of unregistered securities through two crowd-funding offerings,” notes a statement from the U.S. Securities and Exchange Commission (SEC).
The legal action is said to be the first case involving crowdfunding regulation, according to The Register.
The SEC reports in
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