SEC: Indiana Man Defrauded Investors to Finance Hemp Companies

SEC: Indiana Man Defrauded Investors to Finance Hemp Companies
The SEC claimed George Blankenbaker raised more than $11 million from investors, while the Justice Department also charged him with wire fraud and money laundering.
An Indiana man and former broker fleeced investors by selling unregistered securities he said were securitized loans to Asian food manufacturers, but instead used the money to invest in hemp companies in a Ponzi-like scheme, according to a complaint filed by both the SEC and Department of Justice.
The DOJ also charged George S. Blankenbaker Jr. of Westfield, Ind., with two counts of wire fraud and one count of money laundering in Indiana federal court last week.

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