(MENAFN- EIN Presswire)
Attorney Marc Fitapelli, MDF Law
MDF Law is investigating FINRA arbitrations against the salespeople who marketed American Patriot Brands to the general public. If you invested in American Patriot Brands, you may be able to recover your losses by pursuing a FINRA arbitration. Call me at 800-767-8040 to learn more.” - Marc D. Fitapelli, Esq. NEW YORK, NEW YORK, USA, March 28, 2023/einpresswire.com / -- mdf law PLLC announces recovery options for investors in american patriot brands , Inc. (APB). On March 16, 2023, the Securities and Exchange Commission (SEC) charged American Patriot Brands Inc. (APB), a cannabis company, along with its CEO and five others, for participating in a scheme that involved raising more than $30 million from over 100 investors across the United States, and diverting millions of those funds for personal enrichment. The SEC's complaint alleges that since 2016, APB, its CEO Robert Y. Lee, and other executives made false and misleading statements to investors about various aspects of the company, and funneled investor funds to their personal accounts and expenses. The complaint was filed in the United States District Court for the District of Puerto Rico and it was assigned index number 3:23-cv-01124.
The complaint alleges that APB misled investors by claiming that it had multistate and worldwide operations, when it had no operations outside of Oregon. APB also allegedly misrepresented the financial condition of the company by providing inflated revenue projections, despite producing only a small amount of sellable cannabis per year. To make the investment appear more attractive, APB promised that investments would be secured by a lien on its cannabis farm, even though the farm did not have enough equity to secure the investments. The SEC further alleges that APB's executives siphoned off millions of dollars in investor funds for personal enrichment, leaving existing investors with essentially worthless securities.
Investors who lost money with American Patriot Brands may be able to recover their losses through FINRA arbitration by suing the salesperson who recommended APB. FINRA arbitration is a method of resolving disputes between investors and brokerage firms or their registered representatives. FINRA arbitration is a legal process in which a neutral third party, called an arbitrator, listens to arguments from both sides of the dispute and renders a decision. The arbitrator's decision is binding, meaning that both parties must abide by it. Arbitration hearings are typically less formal than court proceedings, and the process can be faster and less expensive than going to court. However, the arbitrator's decision is final and cannot be appealed, so it is important to carefully consider whether arbitration is the best option for resolving a dispute.
If you invested in American Patriot Brands and want to know if you can pursue an arbitration to recover your losses, please call attorney Marc Fitapelli at 800-767-8040.
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MDF Law PLLC is responsible for the contents of this release. The law firm's address is 28 Liberty Street, 30th Floor, New York, New York 10005. The phone number is 800-767-8040.
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