Cannabis Businessman to Pay Nearly $3 Million in SEC Fraud Suit

A cannabis businessman must pay the SEC nearly $3 million to resolve allegations he used investor funds to purchase classic cars and cryptocurrency, a federal judge in Florida said.

Steven L. Brickner owes the Securities and Exchange Commission more than $2.6 million in disgorgement and prejudgment interest and about $390,000 more as a civil fine, Judge Steven D. Merryday of the U.S. District Court for the Middle District of Florida said.

Brickner raised around $5.5 million from investors for the ostensible purpose of purchasing the assets of a “Colorado-licensed marijuana dispensary network,” according to the agency’s April 2020 complaint ...