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id: 981, Created by Stan Vick, Scout
TruCrowd's 420 Real Estate & Transatlantic Real Estate Offerings
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07 May 2019Class period Start
27 Dec 2023Class period End
The SEC alleged that TruCrowd failed to conduct due diligence in the crowdfunding offerings, exposing investors to fraud.
Specifically, the SEC alleged CEO Petrescu failed to address red flags regarding offerings of 420 Real Estate and Transatlantic Real Estate, failing to reduce the risk of fraud to investors.
The SEC alleged Shumake, Birch, and Jackson made multiple false and misleading representations and omissions to investors in connection with the crowdfunding 420 Real Estate and Transatlantic Real Estate offerings.
- They concealed Shumake’s past criminal history and his leading role in both offerings.
- They diverted hundreds of $ thousands from the offering proceeds for their personal benefit.
- None of the money raised in either offering was used to acquire or improve cannabis real estate.
None of the investors in either crowdfunding offering has received any return on their investment, and few investors have recovered any of the funds they invested.
Investors have reasons to suspect that thier rights were grossly violated and already initiated claim in California against accountable parties.
Failure to Disclose,
Shock Event Date
27 December 2023
27 December 2023
Lead Plaintiff Deadline
27 February 2024
Hon. Stanley A. Boone