“Fraud” the Center of Lawsuits Against California Cannabis Company, Executive for Allegedly Inflating Financial Projections to Lure .2 Million in Loans
Press Release Deceptive Tactics Unmasked in Three Lawsuits Against Pot Entrepreneur Case Mandel LAS VEGAS, March 05, 2020 (GLOBE NEWSWIRE) — A trio of lawsuits alleging a scheme to defraud $1.2 million in still-unrepaid loans is shining a light on the dark side of the burgeoning legal marijuana industry. Lenders allege that a high-profile California-based marijuana company and its key executive used “make-believe projections” – inflated by 2,000% – to intentionally deceive them about the company’s true financial picture and then pocketed the money with no intention of ever repaying the debt. A federal lawsuit filed this week in Nevada and lawsuits recently filed in Nevada and California state courts reveal the depths that some seemingly respectable operators will go to deceive supposed partners, investors, and lenders in order to enrich themselves. The litigation targets purported cannabis entrepreneur Case Mandel and businesses he operated under the name Cannadips, accusing Mandel of obtaining $1.2 million through fraud, misrepresentation, breach of contract, and unjust enrichment. The plaintiffs – Nevada-based Solace Holdings LLLP and Aether Gardens, and Telloni Holdings Limited, formed in the British Virgin Islands and located in London – say Mandel induced them to loan him more than $1.2 million to fund his cannabidiol (CBD) business by inflating business numbers by over 2,000%. Mandel, who has reached nouveau-celebrity status in some quarters of the legal marijuana trade through ongoing promotion of himself and Cannadips to industry journals, is portrayed in the lawsuits as the alleged mastermind of a deceptive scheme to illegally…
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Source : CANNANNEW REPORT
Link to original : “Fraud” the Center of Lawsuits Against California Cannabis Company, Executive for Allegedly Inflating Financial Projections to Lure .2 Million in Loans
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