© Reuters. SUBMIT PICTURE: The seal of the united state Stocks as well as Exchange Payment (SEC) is seen at their head office in Washington, D.C., UNITED STATE, Might 12, 2021. Photo taken Might 12, 2021. REUTERS/Andrew Kelly
By Chris Prentice
NEW YORK CITY (Reuters) – The United State Stocks as well as Exchange Payment (SEC) on Tuesday stated it got an order to close down an affirmed Ponzi-like plan run by 2 people that increased virtually $62 million from financiers for a sham marijuana organization.
Because a minimum of June 2019, Rolf Max Hirschmann as well as Patrick Earl Williams assured financiers returns as high as 36% on funds they stated would certainly approach increasing centers for Integrated National Resources, or WeedGenics, in The Golden State as well as Nevada, the SEC stated in a declaration as well as court declaring.
Those centers did not exist, according to the SEC.
Hirschmann as well as Williams made use of the majority of the funds to repay various other financiers, financing residence upgrades, as well as purchase deluxe automobiles, fashion jewelry as well as “grown-up amusement,” the SEC stated in an issue submitted in government court in The golden state.
Neither Hirschmann neither Williams can be gotten to quickly for remark.
Williams, 34, resides in Florida as well as invested the cash on his occupation as a rap artist referred to as “BigRigBaby,” the SEC stated.
Hirschmann, 52, resides in Idaho as well as passed “Max Bergmann” while connecting with financiers, according to regulatory authorities.
” Rolf Hirschmann as well as Patrick Williams supposedly had no genuine firm, no item, as well as no organization, yet in spite of this, they assured financiers every little thing and after that provided absolutely nothing,” Michele Wein Layne, supervisor of the SEC’s Los Angeles local workplace, stated in the declaration.
WeedGenics explained itself as a vertically-integrated maker of marijuana items on its site.
” It was all a sham,” the SEC stated.
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