This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission and New York prosecutors have added charges against two more men for a fraud with Canafarma Hemp Products Corp., a Vancouver company that was supposedly developing hemp chewing gun. The SEC claims that the men misled investors, touting the company as having $25-million in revenue as it raised money from investors in the U.S. and elsewhere. (All figures are in U.S. dollars.) In reality, Canafarma did not process any hemp, nor did it produce any products, the SEC says.

The new charges are set out in a letter to the judge filed on Wednesday, Nov. 22, in federal court in New York. The SEC is seeking permission to file an amended complaint that adds New Jersey resident Frank Barone, 55, and Los Angeles resident Kirill Chumenko, 47, as defendants. The men were both directors of Canafarma as well as senior vice-presidents of the company. The SEC claims that they were part of a plan that involved doctored financial projections and covering up payments made to insiders.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS