Integrated National Resources Inc., which does business as WeedGenics, has been ordered by the SEC to halt business in relation to a $60 million offering fraud and Ponzi-like scheme, the Securities and Exchange Commission said Tuesday.
Owners of the business, Rolf Max Hirschmann and Patrick Earl Williams, allegedly guaranteed investors a 36% return on their investment to expand WeedGenics facilities, according to the agency. However, the complaint alleges that Hirschmann and Williams never operated or owned any facilities.
The pair allegedly spent investor money on entertainment, jewelry, luxury cars, and residential real estate. Hirschmann also allegedly used a fake ...