Cannabis Company Head Sued Over Alleged $90,000 Investment Fraud

An investor alleges that Vedic Consolidated LLC, Cypher Media Technologies LLC, and owner William Ryan III defrauded her of more than $90,000 that she intended to invest in a cannabis business, according to a recently filed lawsuit.

Ryan allegedly solicited investments from Jessica Chitkuer starting in June, telling her had already raised nearly $29 million from other investors. He allegedly made several false claims about his companies’ growth in the cannabis business, including details about the expansion of dispensaries and warehouses.

Chitkuer wired $139,481 directly to Ryan’s bank account July 17, but Ryan only returned $47,873 to her Oct. 11, ...