A Hollywood producer must cough up more than $5 million to federal securities regulators for allegedly fleecing investors in a failed cannabis venture, while his business partner must pay nearly $700,000, a California federal court has ruled.
Producer Guy Griffithe and his partner, Robert Russell, previously settled with the U. S. Securities and Exchange Commission, which alleged the pair ran a Ponzi-like scheme that bilked investors out of $4. 85 million. Both separately contested the monetary penalties sought by the SEC, but U. S. District Judge David O. Carter granted only Russel a reprieve in a Thursday order. The SEC’s request for $1. 2 million…
To Read The Rest Of This Article By Jack Queen on Law360
Published: November 22, 2021
Founder & Interim Editor of L.A. Cannabis News