Cannabis Investment Scam Defendants to Pay SEC Over $800,000

Nov. 4, 2021, 8:46 PM

An Arizona man and his company agreed to pay more than $800,000 to resolve allegations they defrauded investors who thought they were financing cannabis businesses, the SEC told a federal judge in California.

Charles Lloyd, owner of Lloyd Marketing LLC, and others involved in the scheme—which raised more than $25 million—allegedly promised investors annual returns of 100% or more. Lloyd agreed to pay more than $195,000 as a civil fine, according to documents the Securities and Exchange Commission filed in the U.S. District Court for the Central District of California.

The settlement puts Lloyd on the hook for ...

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