SEC v. Vitaly Fargesen

Vitaly Fargesen allegedly made misrepresentations to investors, including claims that CanaFarma was a fully integrated company that was processing hemp from its own farm when in fact it had not processed any of this hemp and its products used hemp supplied by third parties. The amended complaint further alleges that Fargesen directed changes to CanaFarma’s financial model in order to disguise an expected series of payments to himself. Additionally, the amended complaint alleges that Fargesen misappropriated investor funds, according to the SEC.

Summary generated from official Securities and Exchange Commission press release