Pot Credit Card Transactions Didn't Hurt Anyone, Rakoff Hears

Law360 (July 27, 2020, 9:00 PM EDT) -- The U.S. government's fraud case against two businessmen who allegedly facilitated credit card payments for marijuana at dispensaries should be tossed because prosecutors failed to demonstrate any harm to the banks, a New York federal judge heard Monday.

In a Zoom hearing, attorneys for Ruben Weigand and Hamid "Ray" Akhavan told U.S. District Judge Jed S. Rakoff that the charges of bank fraud should be dismissed since prosecutors could not show that the cannabis transactions at issue put the bank's property, the consumers or anyone else at risk.

"The only risk that's identified is one that is no risk at all,"...

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