A husband-wife duo behind the cannabis pill Idrasil were held liable for almost $2 million in disgorgement over alleged material misrepresentations and omissions.
The Securities and Exchange Commission alleged Steele and Theresa Smith raised approximately $2 million from investors after misrepresenting the patent status of Idrasil, failing to disclose Steele was convicted of a marijuana-related offense, and misreporting the financial health of their company, C3 International. The Smiths also failed to file a registration statement for the offer and sale of C3 securities, according to court documents filed in the US District Court for the Central District of California.
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