Cannabis Investment Schottenstein Family Member Found Guilty of Insider Trading in Aphria

CANNANNEW REPORT

A member of a mega-millionaire Ohio family, the Schottensteins, has been involved in a long-running insider trading scheme that involves getting inside info from Joey Schottenstein and the family’s patriarch Jay Schottenstein. The Schottensteins run a private investment fund that has invested in cannabis companies along with large-cap stocks like discount show retailer DSW.   On January 5th, David Schottenstein,  38, and the cousin of Joey Schottenstein, plead guilty to one count of conspiracy to commit securities fraud.   David Schottenstein   One of the stocks David made money from is when his cousin Joey gave him advance knowledge of the hyped-up takeover bid Green Growth Brands had made for Aphria in December 2018 when the stock was in free-fall after Nate Anderson and Gabe Grego of QCM funds exposed Aphria’s alleged illegal deals in a short report.     Past insider self-dealing at Aphria by Andy Defrancesco and Michael Serruya have been extensively reported on by CLR and this reporter. Defrancesco and Serruya have previously been in business together with the Schottensteins when they bid for cannabis licenses in Ohio and on other cannabis real estate properties. The relationship is friendly and then adversary at times. Serruya and Defrancesco along with others involved in Green Growth Brands like Shawn Dwy and Adam Arviv could be on high alert these days as it turns out young David rolled pretty easily when he got caught and has been working for the feds for a while, according to court records just filed in the DOJ’s case.   Andy Defrancesco (Center)   David Schottenstein’s plea deal and an FBI warrant report written by famed FBI agent BJ Kang (from the Stevie Cohen SAC Capital insider trading cases) shows David has been a cooperating witness and gave the government text messages, emails, deal documents,…

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