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US (MA): Grower charged with violating state securities law

Secretary of State William Galvin has charged David Caputo and the company he founded, Holyoke-based Positronic Farms, with violating state securities laws.

According to an administrative complaint filed by the Securities Division of Galvin’s office, between January 2017 and August 2018, Caputo and Positronic Farms sold $1.3 million in unregistered securities to around 40 investors. Caputo never registered with Galvin’s Securities Division to sell securities. Caputo also did not verify whether the investors were accredited.

Under state law, any securities that are offered to investors must be registered with the Secretary of State’s office. Investors are required to be accredited.

Positronic Farms was formed as a cannabis cultivation business, although it has not received a license from the Cannabis Control Commission.


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