How much cash is left? Not profit. Cash.
Promoters spent part of the investors’ funds — ~ $3.5M on 2008 Bentley Continental, a 2012 Mercedes-Benz C-Class, a 2015 Porsche Panamera, along with $250,000 toward a yacht and expenses related to a movie company. https://www.seattletimes.com/business/local-business/cannabis-farm-near-anacortes-is-accused-of-running-4-85-million-ponzi-scheme/ …
"To create the illusion that the marijuana business was profitable and paying dividends Griffithe allegedly paid out purported profit distributions to some investors, which were partially funded in a Ponzi-like fashion using funds from other investors." https://www.sec.gov/litigation/litreleases/2020/lr24722.htm …
"We are working with a 40% profit margin about [sic] acquisition, packaging and distribution to the retailers. This along with the flower will move us into the gross revenue range of 1.3-1.4M per month with profits at 40-42%. WE ARE HERE!!!!!!" https://www.courthousenews.com/wp-content/uploads/2020/01/Marijuana-Ponzi.pdf …
You can follow @trengriffin.
Tip: mention @threader_app on a Twitter thread with the keyword “compile” to get a link to it.
Enjoy Threader? Sign up.
Threader is an independent project created by only two developers. The site gets 500,000+ visits a month and our iOS Twitter client was featured as an App of the Day by Apple. Running this space is expensive and time consuming. If you find Threader useful, please consider supporting us to make it a sustainable project.