SEC Sues MassRoots Investors for Alleged Pump and Dump


Several investors in the defunct “Facebook-like” social network for weed users, MassRoots, have been named in a lawsuit launched by the U.S. Securities and Exchange Commission (SEC). According to a post on the Green Market Report website, the lawsuit targets the lead investors in the company, but not the founder and CEO, Isaac Dietrich.

MassRoots Sued by SEC

One cannabis industry investor in particular, Douglas Leighton, is singled out in the lawsuit as having promoted the MassRoots stock in an effort to raise the price so he could sell at a large profit. This “pump and dump” scheme is alleged to have been concocted by the investors named in the suit, which made up 90% of all company shares owned.

While not naming CEO Isaac Dietrich, the SEC lawsuit does refer to a MassRoots executive who is not named as having been instructed on the technique involved in the pump and dump conspiracy.


Leave a reply

We gotta ask... Are you 21+? This website requires you to be 21 years of age or older. Please verify your age to view the content, or click "Exit" to leave.