Up in Smoke. SEC Charges Guy Griffithe and Robert Russell for Selling Fictitious Investments in Cannabis Company

  • The Securities and Exchange Commission (SEC) has leveled charges against Guy S. Griffithe and Robert W. Russell, and their affiliated companies for an alleged scheme that defrauded investors who thought they were purchasing interests in a Washington-licensed recreational cannabis company.
  • According to the SEC, investors were duped out of approximately $4.85 million.
  • The SEC’s complaint alleges that Griffithe, of Laguna, California, used Renewable Technologies Solution, Inc., an entity he controlled, to sell investors purported ownership interests in SMRB LLC, a Washington company owned by Russell.
  • According to the SEC, Griffithe and Russell led investors to believe their investments in Renewable Technologies Solution would be used to operate SMRB.

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