SEC v. Swaffer

Kris A. Swaffer and Sean K. Williams, through POHIH and other now-defunct related entities, allegedly raised approximately $14 million from approximately 75 investors in at least 14 states for a start-up marijuana business through a series of unregistered securities offerings. According to the complaint, Swaffer and Williams misappropriated investor funds for personal use while also misrepresenting the risks associated with investment. The complaint alleges that Swaffer misappropriated at least $2.4 million for his personal use between September 2016 and March 2020. The complaint also asserts that Williams misappropriated investor funds for personal use between April 2017 and January 2020. Finally, the complaint alleges relief defendant Rosalyn K. Swaffer received ill-gotten gains to which she had no legitimate claim.

Summary generated from official Securities and Exchange Commission press release