On July 2 in federal court, Carlsbad’s Andrew Fellner and his Strategic Global Investments got sued for securities fraud. The company is a penny stock trading on the Over-the-Counter pink sheets, the financial industry’s equivalent of the Wild West.
The plaintiff, Highlander Holdings, also of San Diego County, holds three million shares of Strategic. In 2014, Highlander plunked half a million dollars into Strategic, believing its claim that it would soon enter the Colorado marijuana business. But Strategic did not have the licensure, funding and infrastructure to produce marijuana, according to the suit.
The Securities and Exchange Commission in 2016 filed suit against Strategic over the same matter, saying that at no time did Strategic have the ability to produce marijuana in Colorado. In 2017, the agency won partial summary judgment against Strategic. The agency pointed out that in 1982 Fellner pleaded guilty to conspiracy and mail fraud in a real estate scam and spent approximately three years in prison.
On July 2 in federal court, Carlsbad’s Andrew Fellner and his Strategic Global Investments got sued for securities fraud. The company is a penny stock trading on the Over-the-Counter pink sheets, the financial industry’s equivalent of the Wild West.
The plaintiff, Highlander Holdings, also of San Diego County, holds three million shares of Strategic. In 2014, Highlander plunked half a million dollars into Strategic, believing its claim that it would soon enter the Colorado marijuana business. But Strategic did not have the licensure, funding and infrastructure to produce marijuana, according to the suit.
The Securities and Exchange Commission in 2016 filed suit against Strategic over the same matter, saying that at no time did Strategic have the ability to produce marijuana in Colorado. In 2017, the agency won partial summary judgment against Strategic. The agency pointed out that in 1982 Fellner pleaded guilty to conspiracy and mail fraud in a real estate scam and spent approximately three years in prison.
Comments