An Arizona man and his company agreed to pay more than $800,000 to resolve allegations they defrauded investors who thought they were financing cannabis businesses, the SEC told a federal judge in California.

Charles Lloyd, owner of Lloyd Marketing LLC, and others involved in the scheme—which raised more than $25 million—allegedly promised investors annual returns of 100% or more. Lloyd agreed to pay more than $195,000 as a civil fine, according to documents the Securities and Exchange Commission filed in the U.S. District Court for the Central District of California.

The settlement puts Lloyd on the hook for …

Read more…