Feds Penalize Medical Marijuana Company for Fraud

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Feds Penalize Medical Marijuana Company for Fraud

Flickr / North Charleston / CC BY-SA 2.0

A federal court in Boston last week entered judgments against a publicly traded company purportedly serving medical marijuana businesses over allegations that it defrauded investors by lying about the company’s true owner.

Cannabiz Mobile and James Gondolfe, its sole officer and director, will pay totals of $786,694 and $266,681, respectively.

In May 2016, the SEC charged Gondolfe and Cannabiz, both of Cambridge, and two other individual defendants and one company defendant, in a scheme to defraud investors.

 

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