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180 Life sees Bauer deny misappropriating cash, shares

2022-05-19 20:24 ET - Street Wire

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by Mike Caswell

Ronald Bauer, a Vancouverite living in the United Kingdom, denies accusations that he misappropriated millions of dollars in cash and shares from Nasdaq biotech listing 180 Life Sciences Inc. He says that the money represented consulting fees the company had agreed to, and he received the shares as one of the company's founders. He says that a lawsuit filed by 180 Life is based on "personal animus" and should be dismissed.

Mr. Bauer is responding to a lawsuit that 180 Life Sciences filed against him in the Supreme Court of British Columbia on Feb. 25, 2022. The suit centred in part around money that Mr. Bauer transferred from the company's bank accounts in 2018. The company said that Mr. Bauer, as one of the company's founders, had complete access to its bank accounts and financial records. According to the suit, he used that access to make several transfers that were not properly authorized, nor were they supported by any actual consideration.

On top of that, 180 Life Sciences claimed that Mr. Bauer improperly caused the company to issue 16.25 million shares to himself and 8.75 million shares to his wife. The money was supposedly to settle debts of $81,250 and $43,750, but there was no basis for those amounts, the company said. Mr. Bauer's wife in particular had not performed any services for the company, according to the suit. The company calculated its losses to be $4.39-million (Canadian) and $2.72-million (U.S.).

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