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Cannabis Firm Founder Faces SEC Unregistered Offerings Lawsuit

Sept. 3, 2020, 4:58 PM

A “recidivist securities laws violator” raised more than $19 million through unregistered offerings for a cannabis company he founded, the SEC told a federal district court in Illinois Thursday.

Geoffrey J. Thompson allegedly misappropriated more than $2.7 million from Covalent Collective Inc. investors, according to the Securities and Exchange Commission complaint.

Covalent, formerly known as Doyen Elements International Inc. and Advantameds Solutions Inc., isn’t named as a defendant in the suit, filed in the U.S. District Court for the Northern District of Illinois.

Thompson founded Covalent and served as its CEO until at least October 2018. The company asked him ...

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