Following the dissolution of Genius Fund, a SoCal company that blew through $164M, the company’s former CEO is accusing individuals associated with the company of moving or selling more than $3M in assets in violation of a court order. Genius Fund representatives did not respond to a request for comment.
WeedWeek
- Francis Racioppi Jr., who is suing the company, called the action a “brazen and shocking” move that represents a “direct affront” to the court’s authority.
- Racioppi’s lawyer called his motion for contempt “an extraordinary legal remedy” justified by the “blatant violation of a federal court order.”
- Genius Fund was backed by Russian oligarch Dmitry Bosov who was found dead of an apparent self-inflicted gun wound in May.
Separately, SoCal-based retailer MedMen ????saw its stock fall to 12 cents after reporting a 40% drop in sales from the previous quarter.
Business Insider
