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Marijuana scheme halted by SEC
The Securities and Exchange Commission has announced it has filed charges against Guy S. Griffithe, Robert W. Russell, and three companies they controlled, for an alleged scheme that defrauded investors, who thought they were purchasing interests in a Washington-licensed recreational cannabis company, out of approximately $4.85 million. The SEC's complaint, filed in federal court in California, charges Griffithe, Russell, Renewable, SMRB, and Green Acres Pharms LLC with violating the antifraud provisions of the federal securities laws. In addition, the complaint charges Griffithe, Renewable, and Green Acres Pharms with violating the registration provisions of federal securities laws. Russell's wife, Sonja Marie Russell, is named as Relief Defendant in the complaint.