Devi Holdings Investor Alleges Former CEO Ran $20 Million Fraud

Devi Holdings LLC founder and former CEO Jigarkumar Patel allegedly solicited an individual to invest more than $25 million in shares of the cannabis company, $20 million of which the investor lost due to fraudulent misrepresentations and omissions, according to a shareholder complaint.

Plaintiff 2 3 Suited LLC, an individual investment fund for Leonard Tannenbaum, alleges that Patel targeted him to purchase Devi’s stock from early investors who were Patel family members or close associates, according to the complaint filed by 2 3 in US District Court for the Southern District of Florida.

Patel allegedly told Tannenbaum that he ...