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Unrivaled Brands Files Suit Against People's California For Fraud Related To Dispensary Acquisition
Unrivaled Brands Files Suit Against People's California For Fraud Related To Dispensary Acquisition
Unrivaled Brands, Inc. (OTCQX: UNRV) filed a cross-complaint on September 20, 2022 against Frank Kavanaugh, Jay Yadon, Bernard Steimman, and their company, People's California, LLC for fraud and negligent misrepresentation related to the sale of the dispensary People's First Choice and other assets to Unrivaled in November 2021. A cross-complaint is an independent action brought by a party against a co-party, the original plaintiff, or someone who is not yet a party to the lawsuit.
People's California lists Fort Ashford Funds, BRP Ventures, and People's, LLC as Managers/Members on filings with the California Secretary of State. Fort Ashford Funds is a privately held investment firm that lists Frank Kavanaugh, Susan Kavanaugh, and Andrew Krajacic as managing directors on its website. BRP Ventures is a consulting firm listing John Yadon as a manager/member.
What Happened
Unrivaled alleges in the cross-complaint that, among other things, around the time of the sale, Kavanaugh, Yadon and Steimman, through an entity known as New Patriot Holdings, Inc., siphoned away over $5,000,000 from Unrivaled through backdated accounting entries and write-offs related to the People's Dispensary.
"One of my first tasks as Interim CEO was to investigate the events and circumstances related to the acquisition of People's California assets. I had grave concerns about the transactions and the significant red flags surrounding the deals. The more my team digs into the facts, the more we find," said newly appointed interim CEO Sabas Carrillo. "In addition to our Cross-Complaint for fraud based on what my team and I had found after only a few weeks at Unrivaled, we expect additional claims will have to be made in the near future as we continue to investigate."
According to the complaint, Unrivaled assumed over $4,000,000 in IRS tax debt accrued by the People's Dispensary while under the leadership of Kavanaugh, Yadon, and Steimman. In addition, the complaint alleges that $17,000,000 in cash was required to be paid by Unrivaled before the deal had even closed. The cross-complaint also notes that part of the substantial up-front cash payment was demanded because Kavanaugh, Yadon, and Steimman required funding for a pending project in Salinas, California.
"We want our shareholders, the city of Santa Ana, and the entire California cannabis community to know that we are committed to aggressively defending Unrivaled from fraud," Carrillo said.
Unrivaled Brands, Inc. (OTCQX: UNRV) filed a cross-complaint on September 20, 2022 against Frank Kavanaugh, Jay Yadon, Bernard Steimman, and their company, People's California, LLC for fraud and negligent misrepresentation related to the sale of the dispensary People's First Choice and other assets to Unrivaled in November 2021. A cross-complaint is an independent action brought by a party against a co-party, the original plaintiff, or someone who is not yet a party to the lawsuit.
无与伦比的品牌公司 (OTCQX: 新泽西)于2022年9月20日对弗兰克·卡瓦诺、杰伊·亚登、伯纳德·斯泰曼以及他们的公司,人民加州有限责任公司与出售药房有关的欺诈和疏忽的失实陈述人民群众的第一选择和其他资产在2021年11月达到无与伦比的水平。交叉申诉是一方当事人对共同当事人、原始原告或尚未成为诉讼一方的人提起的独立诉讼。
People's California lists Fort Ashford Funds, BRP Ventures, and People's, LLC as Managers/Members on filings with the California Secretary of State. Fort Ashford Funds is a privately held investment firm that lists Frank Kavanaugh, Susan Kavanaugh, and Andrew Krajacic as managing directors on its website. BRP Ventures is a consulting firm listing John Yadon as a manager/member.
人民加州在提交给加州国务卿的文件中,将Fort Ashford Funds、BRP Ventures和People‘s,LLC列为经理/成员。Fort Ashford Funds是一家私人持股的投资公司,弗兰克·卡瓦诺、苏珊·卡瓦诺和安德鲁·克拉贾西奇在其网站上担任董事总经理。BRP Ventures是一家咨询公司,将John Yadon列为经理/成员。
What Happened
怎么了
Unrivaled alleges in the cross-complaint that, among other things, around the time of the sale, Kavanaugh, Yadon and Steimman, through an entity known as New Patriot Holdings, Inc., siphoned away over $5,000,000 from Unrivaled through backdated accounting entries and write-offs related to the People's Dispensary.
无与伦比在交叉诉状中称,除其他外,在出售时,卡瓦诺、亚登和施泰曼通过一家名为New Patriot Holdings,Inc.的实体,通过回溯会计分录从无与伦比的会计分录中抽走了500多万美元与人民药房有关的核销。
"One of my first tasks as Interim CEO was to investigate the events and circumstances related to the acquisition of People's California assets. I had grave concerns about the transactions and the significant red flags surrounding the deals. The more my team digs into the facts, the more we find," said newly appointed interim CEO Sabas Carrillo. "In addition to our Cross-Complaint for fraud based on what my team and I had found after only a few weeks at Unrivaled, we expect additional claims will have to be made in the near future as we continue to investigate."
新任命的临时首席执行官表示:“作为临时首席执行官,我的首要任务之一是调查与收购人们在加州的资产相关的事件和情况。我对这些交易以及围绕这些交易的重大危险信号感到严重担忧。我的团队越是深入调查事实,我们发现的就越多。”首席执行官萨巴斯·卡里洛。“除了我们对欺诈的交叉投诉是基于我和我的团队在无与伦比工作了几周后发现的,我们预计在不久的将来,随着我们继续调查,还将不得不提出更多的索赔。”
According to the complaint, Unrivaled assumed over $4,000,000 in IRS tax debt accrued by the People's Dispensary while under the leadership of Kavanaugh, Yadon, and Steimman. In addition, the complaint alleges that $17,000,000 in cash was required to be paid by Unrivaled before the deal had even closed. The cross-complaint also notes that part of the substantial up-front cash payment was demanded because Kavanaugh, Yadon, and Steimman required funding for a pending project in Salinas, California.
根据起诉书,无与伦比地承担了人民药房在卡瓦诺、亚登和施泰曼领导下积累的超过400万美元的国税局税收债务。此外,诉状称,在交易完成之前,无与伦比就要求支付17,000,000美元的现金。交叉起诉书还指出,要求支付大量预付现金的一部分是因为卡瓦诺、亚登和施泰曼需要为加利福尼亚州萨利纳斯的一个悬而未决的项目提供资金。
"We want our shareholders, the city of Santa Ana, and the entire California cannabis community to know that we are committed to aggressively defending Unrivaled from fraud," Carrillo said.
卡里洛说:“我们希望我们的股东、圣安娜市政府和整个加州大麻社区知道,我们致力于积极保护无与伦比的大麻免受欺诈。”
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在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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