Scumbag Fraudsters Thursday, 10/05/17 05:34:43 AM Re: moneybags888 post# 40184 0 Post # of 44994 The only thing being groomed here are investors. So the man behind the curtain can keep taking advantage of them without them tattling to the SEC. I thought the new purported direction was MINERAL RIGHTS anyway, did I miss somethin'? Seems stinky investors think all roads lead to MJ and truckloads of money. Explain then why the first pot stock billionaire was busted for fraud in his MJ stock scam. Quote:With states starting to permit the use of marijuana for personal use, a group of pot stocks soared high on the penny stock market in 2013 and 2014 before their inevitable hangover. No stock flew higher than CannaVest, which briefly hit a market valuation of $3 billion. On Friday, the Securities & Exchange Commission filed fraud charges against CannaVest, now known as CV Sciences, and its CEO, Michael Mona, Jr. CV Sciences currently has a market capitalization of $26 million. Both CannaVest and Mona were the subject of stories in Forbes highlighting the ridiculousness of the pot penny stock bubble. “Our sole focus is to source and supply the highest-quality industrial hemp available on the market,” Mona told Forbes at the time. For a moment, one of Mona's partners even became the first pot stock "billionaire." Quote:U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 23861 / June 16, 2017 SEC Charges Hemp Oil Company and CEO with Fraud The Securities and Exchange Commission filed fraud charges against a Las Vegas-based hemp oil company and its CEO for inflating the company's assets on its balance sheet. The SEC complaint filed in federal court in Nevada alleges that CannaVEST Corp. (now known as CV Sciences, Inc.) and CEO Michael Mona Jr. materially overstated the company's total assets in quarterly reports for the first and second quarters of 2013. According to the complaint, CannaVEST reported purchasing a company called PhytoSphere Systems LLC, including its existing rights under contracts with hemp production and processing facilities, for $35 million, even though Mona knew that the purported purchase price was substantially inflated. The complaint alleges that CannaVEST agreed to the purported purchase price only because CannaVEST could pay for the acquisition primarily with CannaVEST shares which Mona believed had little value at the time.