SEC Charges Ill. Man With $19M Cannabis Securities Scam
Law360 (September 3, 2020, 9:11 PM EDT) -- The U.S. Securities and Exchange Commission filed a complaint Thursday against an Illinois man who was fighting an earlier SEC lawsuit while allegedly running a cannabis stock scheme that collected $19 million from investors.
Geoffrey Thompson, 52, of Frankfort, Illinois, sold millions in unregistered securities for a company he founded, Covalent Collective, which held itself out as a cannabis company, according to the SEC.
But it was a sham, the agency says. Covalent never began operations, and Thompson left the company after pocketing nearly $3 million of what he had raised from investors, according to the complaint.
The agency wants Thompson...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!