Texas Marijuana Fund Founder Spent Investors’ $3.3M on Fancy Cars

A Texas man allegedly used an alias to run an investment fund purportedly specializing in marijuana businesses, defrauding customers to buy $3.3 million worth of designer clothes, watches, and luxury cars.

Michael E. Cone told investors his fund, Greenview Investment Partners LP, offered a chance to earn “massive returns” from cannabis businesses, the Securities and Exchange Commission said Sept. 5.

Cone went by “Brian Gwinn” to keep Greenview investors from discovering past guilty pleas to felony delivery of marijuana, theft, DUI, and misdemeanor forgery and assault, according to the SEC’s complaint in the U.S. District Court for the Northern District ...