SEC accuses marijuana-focused company, CEO of fraud is accepting qualified medical marijuana patients and caregivers to join our network. We value every registered member and we hope to serve you in Arizona. This article brought to you by 420 community friends

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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