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Hemp Co., Execs To Pay $10M SEC Penalty Over Stock Sales
Law360 (June 1, 2021, 9:19 PM EDT) Industrial hemp company Hemp Inc. and its two leaders will pay $10 million in penalties to resolve U.S. Securities and Exchange Commission claims that they used a network of shell companies to improperly sell unregistered securities, according to settlement documents filed Friday.
Consent filings from Monday show that Hemp Inc. CEO Bruce Perlowin will pay a $1.7 million civil penalty, his co-principal Barry Keith Epling will pay $8 million, and Hemp inc. will pay a $300,000 civil penalty to the SEC.
The shell companies, Ferris Holding Inc. and Hobbes Equities Inc., also entered into judgments with similar language, though they will.
Press release content from NewMediaWire. The AP news staff was not involved in its creation.
Hemp, Inc. Reports: Colorado Hemp Agro-Industrial Zone (HAIZ) Spotlights Hemp-based Building Materials
Hemp, Inc.May 12, 2021 GMT
Las Vegas, NV - (NewMediaWire ) - May 12, 2021 - Hemp, Inc. (OTC PINK: HEMP), an established leader in the industrial hemp market, is applauding all efforts to expand cultivation and use of industrial hemp in the United States.
With the recent disclosure of Western Sierra Resource Corp.’s intent to purchase a 44-acre multi-use property in the Hemp Agro-Industrial Zone (HAIZ) of Northwest Colorado, Hemp, Inc. sees opportunity for all stakeholders in the hemp industry.
IN THIS ISSUE
In First Ever SEC Sanction for Allegedly Misleading COVID Related Disclosures, Cheesecake Factory Pays $125,000 Civil Penalty; New York State Appellate Court Dismisses Putative Securities Act Class Action on Merits for First Time Since 2018 U.S. Supreme Court Decision; Goodwin Secures Third Circuit Victory in Securities Class Action Against Former Officers and Directors of Lionbridge Technologies; Hemp Inc. and CEO Sign Consent Decrees Settling SEC Lawsuit over Unregistered Securities.
On December 4, 2020, the Cheesecake Factory Incorporated (the “Cheesecake Factory”) agreed to pay a $125,000 civil penalty to settle Securities and Exchange Commission (“SEC”) allegations that the company’s March 23, 2020 and April 3, 2020 Forms 8-K contained material misstatements concerning COVID-19’s impact on its business.