PORTLAND, Maine (AP) The U.S. Securities and Exchange Commission says a Kittery man has agreed to pay nearly $400,000 in fines and interest for illegally soliciting investors for a medical cannabis operation on Craigslist.
The Portland Press Herald reports that the commission says Richard J. Greenlaw raised about $500,000 from at least 59 investors across the country by offering securities in 20 cannabis-related businesses on the website although he was not registered with the SEC.
Greenlaw could not be reached for comment. A phone listing in his name could not be found. It was not immediately known if he’s being represented by an attorney.
The SEC said Tuesday that Greenlaw has agreed to turn over more than $340,000 in proceeds from the illegal solicitations and pay a civil penalty of $50,000.
