SEC accuses marijuana-focused company, CEO of fraud

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The Securities and Exchange Commission has filed fraud charges against a publicly traded company and its top executive, alleging they falsely claimed to have secured $100 million to finance marijuana businesses.

The SEC complaint – filed Sept. 30 – said Denver-based Infinex Ventures and its CEO Ronald Salem actually did not have money to invest. The securities agency also claims the company reported more than $500,000 in revenue for the second quarter of 2014, when in reality it didn’t have “any operations, revenue or funding.”

Infinex is a holding company that trades on the over-the-counter market.

In its complaint, the SEC says

SEC accuses marijuana-focused company, CEO of fraud is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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