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TRUCROWD.FI
id: 981
TruCrowd's 420 Real Estate & Transatlantic Real Estate Offerings
E.D. California
Court1:23-cv-01775
Case number07 May 2019
Class period Start27 Dec 2023
Class period End27 Feb 2024
Lead Plaintiff motion deadlineThe 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.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
27 December 2023
Filing date
27 December 2023
Lead Plaintiff Deadline
27 February 2024
Judge
Hon. Stanley A. Boone