Hashish Regulation
Lawyer, enterprise accomplice accused of defrauding hashish investor of $750K
A Los Angeles lawyer and his enterprise accomplice are accused of paying for his or her private bills with investor cash as a substitute of funding business-to-consumer hashish commerce reveals. (Picture from Shutterstock)
A Los Angeles lawyer and his enterprise accomplice are accused of paying for his or her private bills with investor cash as a substitute of funding business-to-consumer hashish commerce reveals, together with the unsuccessful Inexperienced Road Competition in 2022.
A Los Angeles County court docket grievance filed by investor Jamie Chisick alleged that lawyer Joshua Shelton of the Winston Wolfe Regulation Agency and his enterprise accomplice, Rama Mayo, took $750,000 for a 15% possession stake within the Inexperienced Road Symposium.
In keeping with the Oct. 19 grievance, Shelton and Mayo, hashish entrepreneurs, promised to prepare massive commerce occasions that may entice 1000’s of attendees and generate “hundreds of thousands of {dollars} in income,” in keeping with coverage on Law360.
Chisick obtained paperwork that he mentioned reveals that his cash had been used for “private funds, together with however not restricted to personal jets, medical health insurance, bar dues (Shelton) and basic overhead unrelated to GSS operations.”
The 2022 Inexperienced Road Competition introduced in about $190,000 with about $178,000 refunded. A 2023 pageant with projections of attracting over 10,000 attendees and as much as $4.7 million in income drew a smaller crowd and didn’t produce a revenue.
Chisick seeks to get better his funding and punitive damages, in keeping with the grievance.
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