Pot Co. Says Founder Embezzled Up To $4M, Hid Rap Sheet

Law360 (July 21, 2021, 9:35 PM EDT) -- A cannabis company and its shareholders have filed suit against its founder in a New York state court, alleging he embezzled at least $1.1 million and possibly up to $4 million and hid his criminal record to induce investment in the company.

The company and investors alleged that William Sydney "Trey" Prevost III, who co-founded the cannabis cultivation and manufacturing company Tower 26 Inc., stole money they provided him for rent, electric bills, employee salaries and other expenses. The investors also alleged Prevost misrepresented the amount of experience, knowledge and contacts he had in the business, as well as his purported...

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