Ex-Ebony CEO allegedly pocketed cash raised for marijuana companies to assist preserve journal afloat: SEC

The previous head of Ebony journal, who was ousted final yr amid allegations of monetary impropriety, is amongst a bunch of individuals charged by the SEC with elevating cash for marijuana companies however illegally utilizing the money for different issues — together with retaining the journal afloat.

Willard Jackson, 57, is accused of collaborating in a scheme that crowdfunded practically $2 million for a collection of marijuana-related actual property ventures, however whose principals stored the cash for themselves, in accordance with civil expenses introduced by the Securities and Alternate Fee.

An lawyer for Jackson had no fast remark.

On the

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