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by Mike Caswell

Federal prosecutors in California have requested a two-year jail term for Adam Levin, who previously pleaded guilty to charges stemming from the promotion of Hightimes Holding Corp., the company that publishes High Times magazine. The government says that Mr. Levin conspired to boost Hightimes through a paid spot in a newsletter without disclosing that he had paid for the coverage. The touting came as the company raised $20-million, with at least $6-million of that money directly associated with the touting. (All figures are in U.S. dollars.)

The proposed sentence for Mr. Levin comes with one of his associates, Ontario lawyer Sergio Damian Lopez, having agreed to pay $323,335 in fines and disgorgement for assisting the scheme. The U.S. Securities and Exchange Commission separately claimed that Mr. Lopez helped conceal the paid promotions of Hightimes and another stock. In addition to the monetary sanction, the SEC permanently banned Mr. Lopez from promoting stocks. The penalties represented a negotiated settlement, in which Mr. Lopez did not admit to any wrongdoing, and the case against him was entirely civil, meaning he did not face the possibility of jail time.

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