A Boise man is under investigation for duping investors out of roughly 60 million dollars on a fake cannabis business that never existed.
According to a filing with the Securities and Exchange Commission, Rolf Hirschmann of Boise and his partner Patrick Earl Williams from southern California have worked since at least June 2019 to raise capital from investors for a business called WeedGenics.
It’s alleged that Hirschmann and Williams told investors they would use the funds to expand their facilities, guaranteeing a 36% return.
However, the problem is that the company, WeedGenics wasn’t real, the two men do not own any cannabis businesses, and the money was used in a Ponzi-like scheme for their benefit.
Hirschmann, the face of the company, used the fake name Max Bergmann the entire time he communicated with investors.
Read more at kmvt.com