17 Jul Darrin B. Farrow—Cannabis-Related, Unauthorized Private Securities Transactions
Darrin Farrow Allegedly Participated in Unauthorized, Private Securities Transactions to Raise Funds for Cannabis Business
Marijuana may still be restricted in the state of Ohio, but a couple of North-East Ohio entrepreneurs allegedly sought to improperly take advantage of this burgeoning industry. As one notes the proliferation of legalization of said drug in other states, both for recreational and medicinal use, many a local businessman have looked to take advantage of the aforementioned business opportunities.
Darrin B. Farrow, an investment professional in the Cleveland suburb of Rocky River, Ohio, allegedly founded MAD Pharmaceuticals (MAD Pharma), an unincorporated entity that allegedly provides consulting services to the cannabis industry and also cultivates, produces, and manufactures cannabis in states where such activities are legal, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by Cleveland attorneys Joe Peiffer and James Booker.
Farrow then allegedly solicited customers of his broker-dealer to invest in MAD Oregon, an entity that grows cannabis and supplies it to Oregon dispensaries. Such solicitations are deemed to be private securities transactions and must first be approved by the stockbroker’s broker-dealer firm.
The Peiffer Wolf securities lawyers are currently investigating Darrin B. Farrow’s alleged private securities transactions without proper approval.
Darrin B. Farrow Suspended and Fined $25,000 for Allegedly Participating in Private Securities Transactions Without Disclosing Said Transactions to His Broker-Dealer Firm
Darrin B. Farrow, of Rocky River, Ohio, purportedly made plans to cash in on the possible legalization of marijuana in more states in the U.S.A. Last year, for example, the legal cannabis industry generated $2.7 billion in sales, according to one estimate from ArcView Group, a cannabis industry research and investment organization headquartered in Oakland, California.
Darrin B. Farrow has been suspended and fined $25,000 for allegedly participating in private securities transactions without disclosing those transactions to his broker-dealer Royal Alliance, the AWC notes.
One should also note that, according to the AWC, Darrin B. Farrow neither admitted nor denied the FINRA findings.
Securities Lawyers Investigating
The Peiffer Wolf securities lawyers often represent investors who lose money as a result of alleged unauthorized transactions and are currently investigating Darrin B. Farrow’s alleged private securities transactions without approval. They take most cases of this type on a contingency fee basis and only get paid for their fees out of money they recover for their clients.
Investors who believe they lost money as a result of Darrin B. Farrow’s alleged private securities transactions without approval may contact the securities lawyers at the Cleveland office of Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 216-589-9280.