opinion
In my opinion, the ongoing situation involving myself and nuEra Cannabis highlights a recurring pattern within the industry where accountability seems more like a suggestion than a requirement. Those engaged in capital raises, asset transfers, or other financial dealings—especially brokers, purchasers, and receivers—should be aware of the very real risks tied to personal liability in SEC-related matters. This risk goes beyond corporate walls and could extend directly to individuals, especially in cases involving defrauded partners. Imagine if it were me in that position—I’d want to sue everyone who so much as touched anything, just because I could, purely to ruin everyone’s future for good measure.
Imagine, hypothetically speaking, if a company like ‘Paisley Trees’ in Michigan signed a contract to purchase an asset valued in the millions, currently in litigation for fraud and breach of contract, from, let’s say, someone like Robert V. Fitzsimmons, the CEO and owner of nuEra Cannabis. Now, picture if he then signed another document stating that asset was actually worth two commas less. In SEC terms, that would likely be considered material fraud under Rule 10b-5—and if there were already an Security Exchange Commission complaint on file, it might just look a bit like retaliation requiring another complaint.
Now, for another hypothetical: imagine if the State of Michigan, Michigan LARA, hypothetically, sent a consulting services agreement to, let’s say, me, and then didn’t deny the approval of it even when a lawsuit was pending over potential breach of contract and fraud. That kind of scenario, in regulatory terms, might raise a few eyebrows against the state of Michigan.
Given the documented obligations in operating agreements and regulatory filings, compliance and transparency are critical. To ensure this receives the scrutiny it deserves, I’ve obviously already reported these concerns to the SEC and other relevant authorities and the hypothetical retaliatory responses. For anyone wanting to dive deeper into the story, check out the F'nAround podcast, now on iHeartRadio, where we peel back the layers on what accountability really looks like in this industry. Fnaround.com
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