The U.S. Securities and Exchange Commission has charged Nevada-based American cannabis company Patriot Brands (APB) with fraud in… “long term scheme” The company raised more than $30 million from investors.
Securities and Exchange Commission (SEC) File a civil complaint Thursday in the US District Court for the District of Puerto Rico.
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The lawsuit names the defendants, American Patriot CEO Robert Lee, current and former executives Brian Ballas, J. Bernard Rice, in addition to the company and several related companies.
The SEC alleged in a press release that the executives “made a series of false and misleading statements to investors about various aspects of the company, including its financial condition, the scope of its operations, the value of its Oregon hemp farm, and the safety and security of investing in APB.”
The complaint alleges that APB has funneled millions in investor proceeds to
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