By Katryna Perera (June 1, 2022, 8:01 PM EDT) — The U.S. Securities and Exchange Commission sued the CEO of a North Carolina cannabis company for allegedly defrauding the investors of a private investment fund he managed by misappropriating fund assets and engaging in several unauthorized transactions designed to benefit himself at the firm’s expense.
The complaint was filed Tuesday in North Carolina federal court against Martin A. Sumichrast, who serves as the CEO of cbdMD Inc. According to the complaint, from 2013 to 2018, Sumichrast also served as the manager of Stone Street Partners LLC, a pooled investment fund that invested in public and private companies. Stone Street was dissolved in 2020….
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