Marijuana-Related Business Prosecuted for Making False Statements to Open Bank Account
A commentary from pros in the cannabis regulatory space on a recent case: a Marijuana-related business pled guilty last week to opening a bank account under false pretenses. Q2 2021 hedge fund letters, conferences and more Marijuana-Related Business ProsecutedOn August 17, Victor Ngo of Oklahoma City, OK, and his company Friendly Management Group, LLC (FMG) pleaded guilty in connection with a scheme to open a bank account under false pretenses to launder proceeds from marijuana sales. The US Attorney alleges that Ngo made near-daily cash deposits, breaking them up to amounts below $10,000 to a...