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SEC Says Hemp Co., PE Firm Harvested $11 Million Through Scalping

bynewsdesk
August 14, 2021

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Law360 (August 13, 2021, 9:10 PM EDT) — The U.S. Securities and Exchange Commission on Friday indicted a hemp product manufacturer and a network of securities dealers and advisers with a securities fraud complaint, alleging they were involved in a penny stock scalping plan that generated $11 million in illegal profits.

GPL Ventures LLC, GPL Management LLC and its co-owners — Alexander Dillon and Cosmin Panait — allegedly violated securities laws by buying blocks of shares in HempAmericana and other penny stocks and then selling them publicly as unregistered dealers, the report said. SEC filed a complaint in the Southern District of New York.

“None of the GPL defendants…

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