Marijuana Company Consultants Get Prison for Defrauding Banks

Two men convicted of defrauding banks including Citigroup Inc. and Bank of America Corp. into processing more than $150 million in marijuana purchases were ordered to spend more than a year behind bars.

Hamid Akhavan and Ruben Weigand worked as consultants for Eaze Technologies Inc., a San Francisco company that runs a site where customers can order cannabis products from dispensaries. The two were found guilty of bank fraud in March for using shell companies and fake websites to cloak weed sales as shipments of dog food, face creams, green tea, carbonated drinks and diving gear from 2016 to ...