Securities,
Government
Mar. 20, 2023
SEC says Newport Beach marijuana company inflated financial data
The complaint says that in order to convince investors that APB was a large cannabis company expanding its operations, company officers claimed they had dispensaries, farms, and customers in other states and countries.
The Securities and Exchange Commission accused American Patriot Brands Inc., a cannabis agricultural company headquartered in Newport Beach, of defrauding its investors by exaggerating financial data.
The SEC charged the chief executive officer of the company, Robert Y. Lee, along with nine other entities and individuals for their involvement in the elaborate scheme in which they raised over $30 million from more than 100 investors across ...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In