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Florida Man Spends Millions of Investors’ Money on Strippers &...
Florida Man Spends Millions of Investors’ Money on Strippers & Cars
A Tampa bay investor used his investment syndicate to raise $5,500,000 for his investors to buy a Colorado legal marijuana business. Federal Official report he instead spent $3,000,000 of the money to pay off personal mortgages, vintage sports automobiles, bitcoin, and strippers.
The 48-year-old Steven Lawrence Brickner had received investing cash from more than 60 local investors under a collage of business entities he created to fool investors. Business with names like FirstCanna Pharmaceuticals, FirstCanna Financial and High Country Healing most likely only existed in UPS Store mailboxes, and not actual marijuana businesses according to the U.S. Securities and Exchange Commission.
The scheme Brickner created was telling investors including real estate investment partner that he would create incredible profits by purchasing a Colorado-licensed marijuana dispensary syndicate. The investors’ shares would then be deemed “preferred shares” when Brickner listed the business to be traded publicly after the initial public offering of stock was completed. The Securities and Exchange Commission lawsuit alleged Brickner continue to raise money from 2015 through 2019. The lawsuit was filed Tuesday, April 21st in U.S. District Court in Tampa, just one day after 4/20 which Brickner would have liked.
At the announcement of the lawsuit, Eric I. Bustillo, director of the SEC’s Miami regional office said: “Brickner allegedly lured retail investors with false promises of an imminent (initial public offering) and significant future profits,” Instead the Feds said he spent more than 50% of the money to support his luxury lifestyle on exotic items
Instead, federal regulators said, Brickner burned through more than half the money supporting a lavish personal lifestyle, and risky investments spending such as:...(FOR FULL BLOG CLICK LINK ABOVE)
