Roland Martin
@rolandsmartin·1.9M subscribers·31.6K videos
'They Did This To Black People!' Roland EXPOSES Fraud Cannabis Stock Company
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January 12, 2024
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35:40Now PlayingRoland Martin explained the torrid details of how a crowdfunding cannabis stock company swindled nearly $1 million dollars out of investors and used his platform to promote their fraudulent investment opportunity.
From Sec.gov
The Securities and Exchange Commission announced today [January 3, 2022] the entry of final judgments against Nicole Birch, former CEO of crowdfunding issuer, Transatlantic Real Estate, LLC, SEC-registered crowdfunding portal, TruCrowd, Inc., and its CEO, Vincent Petrescu.
The SEC's complaint, filed on September 20, 2021 in the United States District Court for the Eastern District of Michigan, alleged that Shumake, alongside Birch, conducted a fraudulent and unregistered crowdfunding offering through Transatlantic Real Estate, a cannabis company. The complaint also alleged that Shumake and Birch raised $1,020,100 from retail investors through Transatlantic Real Estate. According to the complaint, Shumake, with assistance from Birch, hid his involvement in the offering from the public out of concern that his prior criminal conviction could deter prospective investors. Shumake and Birch allegedly diverted investor funds for personal use rather than using the funds for the purposes disclosed to investors. TruCrowd, and its CEO, Petrescu, allegedly hosted the Transatlantic Real Estate offering on TruCrowd's platform and hosted a crowdfunding offering for 420 Real Estate, LLC, a hemp company affiliated with Shumake and Willard Jackson. The complaint further alleged that Petrescu failed to address red flags including Shumake's criminal history and involvement in the crowdfunding offerings, and otherwise failed to reduce the risk of fraud to investors.
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