SEC Seeks Win Against Cannabis Developers In Fraud Suit

By Katryna Perera (September 14, 2021, 5:11 PM EDT) -- The U.S. Securities and Exchange Commission moved to secure an early win against a group of cannabis developers who are the only remaining defendants in a suit over an alleged scheme to con marijuana business investors out of $25 million.

The SEC filed a motion for summary judgment in California federal court on Monday against Mark Heckele, Charles Lloyd and Lloyd Marketing LLC.

The agency alleges that Lloyd and Lloyd Marketing acted as unregistered broker-dealers in marijuana-related securities offerings and unlawfully earned more than $250,000 in commissions.

The motion comes after the SEC secured settlements with other, previous defendants in the...

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