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Hirschmann, a resident of Idaho, was the company’s investor relations representative, according to the SEC.

The SEC declined to comment for this story. Last month, court-appointed receiver Krista Freitag, principal of E3 Advisors, said in a court filing that the company only had virtual offices such as mailbox locations and that she had recovered about $8 million in cash, 12 cars, six real estate properties and numerous pieces of jewelry and artwork. No federal criminal charges have been filed against the defendants. Hirschmann and Williams allegedly had “no real company, no product, and no business, yet despite this, they promised investors everything and then delivered nothing,” Michele Wein Layne, then-director of the SEC’s Los Angeles regional office, said in the release. The federal regulator sought civil penalties, disgorgement of “ill-gotten gains” and other actions.Īccording to an SEC news release, the defendants “used the majority of funds” to make more than $16 million in Ponzi-like payments and to enrich themselves. District Court for the Central District of California. The SEC filed its complaint against WeedGenics’ corporate entity Integrated National Resources Inc., Rolf Max Hirschmann - Bergmann’s real name according to the agency - and Williams in U.S. “It’s amazing what people will believe,” she said.

Western New England University law professor Jennifer Taub said it’s not uncommon for an investment fraud to center on a product or service that doesn’t exist. But one of those retailers told the Las Vegas Review-Journal it never heard of WeedGenics. On its website, WeedGenics listed its mailing address as being in the Hughes Center office park just east of the Strip and claimed that its products could be found at several Las Vegas-area dispensaries. WeedGenics offered detailed financial statements and even photos of its supposed locations, but it never owned or operated a cultivation facility, SEC court filings show. “It’s definitely one of the weirder ones.” “This was a pretty sophisticated fraud,” said Las Vegas attorney David Liebrader, who has represented investors in the company. His latest album, “Depressed with Money,” was released less than two weeks before the SEC announced it had shut down WeedGenics’ alleged scheme. Williams’ website shows him displaying stacks of cash, holding a giant, partially filled wine glass in one hand and a bottle of cognac in the other and wearing oversized gold jewelry, including a sparkling semi-truck pendant with his “BigRigBaby” moniker on it.

WeedGenics executive Patrick Earl Williams, a rapper known as “BigRigBaby,” also spent investor funds on his music career, the SEC said. The Securities and Exchange Commission filed court papers in May alleging that WeedGenics raised nearly $62 million from roughly 350 investors since 2019 but ran a “Ponzi-like scheme.” It lied about having cannabis facilities and used funds to pay other investors or for personal use, including jewelry, cash withdrawals and luxury cars such as Ferraris, Lamborghinis and BMWs, according to the SEC. But, according to financial regulators, WeedGenics didn’t own any cultivation facilities, Max Bergmann was a fake name, and the cannabis company he promoted was a “fraud.”

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People there seemed to know who Bergmann was, Dale told an investigator, adding that he got free samples during the tour.ĭale and his wife ultimately invested $120,000. WeedGenics pitchman Max Bergmann showed up at The Venetian in style, with a chauffeured SUV-type limo, to drive a visitor around and pique his interest in a marijuana investment opportunity.īergmann took James Dale, of Arizona, to a Las Vegas cultivation facility in the fall of 2020 and showed him grow rooms and a kitchen area where edibles were made. Patrick Earl Williams, a rapper known as 'BigRigBaby,' is seen in a photo from his website that was enclosed in a court filing by the Securities and Exchange Commission.

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