Dan Bilzerian’s Canadian cannabis company Ignite is facing criminal and civil investigations of accounting fraud in the United States following an inquiry by the Ontario Securities Commission (OSC).
The King of Instagram’s Ignite brand must now respond to a subpoena by the US Securities and Exchange Commission to answer the allegations.
Dan Bilzerian in Trouble with the Authorities Over Fraud Allegation
NEW: The Securities and Exchange Commission just filed an order to compel Dan Bilzerian’s Ignite International Brands to respond to its subpoena.
— Nate Anderson (@ClarityToast) August 30, 2022
Ignite went private again after trading on the Canadian Securities Exchange and reaching a peak market capitalization of more than $750-million. It is now worth no more than $170 million.
The US SEC posted on its website last Tuesday that it “is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.”
Did Dan Bilzerian’s Firm Commit Serious Crimes?
Patricia Pei, attorney wrote in a court filing there are alleged:
“Possible violations of the antifraud provisions of the federal securities laws” and that uncovered information “indicates [Ignite] may have filed public financial statements that include false or misleading representations” in 2020.
However, this past week the SEC clarified by issuing a statement that it “is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.”
We await further news of Ignite’s response to the allegations and hope for a personal statement from Bilzerian himself.
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