Cannabis Science Inc (fka CBIS)

[sicofbs]

In May, the U.S. Securities Exchange Commission bluntly warned about “pump-and-dump schemes” after it suspended the fifth marijuana company in two months. (Pump-and-dump is where a promoter hypes a stock, pushing the price up and then the principals sell, skimming substantial profits before the price crashes back to pennies.)

“When publicly available information is scarce,” the SEC said, “fraudsters can more easily spread false information about a company, making profits for themselves while creating losses for unsuspecting investors.”

Among those involved in the United States is Raymond Dabney, whom retired Sun columnist David Baines once described as “one of the most outrageous promoters I have ever met.”

Dabney is now managing consultant at Cannabis Science Inc., even though in 2010 the SEC ordered Dabney and three others to pay a total of $1.4 million for stock manipulation.

In 2005, Dabney was kicked out of the B.C. securities market for five years and fined $30,000 after he issued 22 false news releases for his company Xraymedia Inc.