Rapper BigRigBaby, in a picture shared on his Instagram account.RR SS
BigRigBaby’s latest album is called Depressed with Money. The US Securities and Exchange Commission (SEC) has now frozen its funds. The rapper, whose real name is Patrick Earl Williams, and his partner Rolf Max Hirschmann are accused of building a pyramid scheme with marijuana as a claim through the company Integrated National Resources (INR), which operated under the name WeedGenics.
Both raised money from investors who promised to invest it in a profitable cannabis cultivation business. They said they would expand their facilities and the profitability would be 36%. But it was all a farce.
According to the complaint, Hirschmann and Williams never owned or operated facilities. “Although the defendants provided financial data, locations and even photographs of the alleged facilities, none of these were ever owned by or affiliated with the defendants. Therefore, the defendants’ claims that these assets generated tens of millions of dollars came out of nowhere,” he says.
The lawsuit alleges that “investor funds were not used to develop or expand cultivation facilities as promised by the defendants.” Instead, once the funds entered the accounts controlled by the defendants, they were deliberately transferred to multiple other accounts, “back and forth at a dizzying pace,” he adds, in an “agonizing movement of money.” [que] It should hide the truth.
The funds fraudulently seized from investors were used to pay for personal expenses and reward other investors. “From buying luxury cars to financing home improvements to paying for jewelry and adult entertainment, defendants and co-defendants spent tens of millions of dollars in investor money on things unrelated to a growing facility [de marihuana]’ the complaint said. More than $16 million in investor funds went to seed capital investors to maintain the fictional pyramid known as the Ponzi scheme.
music career
The complaint further alleges that Hirschmann, who acted as the face of the company, used the false name Max Bergmann in all communications with investors in an attempt to avoid detection, while Williams, as the company’s vice president, worked in the background The scenes, while he spends some of the investor money on his career as a rapper, in which he hasn’t had much success. His monthly number of listeners on Spotify is 35, as announced on the platform yesterday.
The letter lists some of the rapper’s expenses. She spent $625,000 on dinner, jewelry, adult entertainment, and other personal expenses, $116,000 on limo services, and more than $18,000 on her music career, including payments to producers, DJs, and iHeart Media. That’s nothing compared to the millions of dollars that have been transferred to Williams’ personal bank accounts or withdrawn in cash.
His partner spent $5.5 million on real estate and reforms, $3.8 million on luxury cars, $4.4 million on credit cards, $1 million on what the lawsuit readily describes as “payments to women.” Explanations.
Along with multimillion-dollar wire transfers and expenses from other co-defendants, the SEC put the amount fraudulently stolen at $60 million. The regulator halted an ongoing offering of securities by INR and obtained urgent court orders against INR, Hirschmann, Williams and several co-defendants, including an injunction, an order to freeze their assets and the appointment of an interim trustee for INR and other entities. A hearing is scheduled for next week.
The SEC’s complaint calls for precautionary measures, restitution with interest on arrears, civil penalties and the disqualification of officers and directors. The SEC is also seeking damages from the defendants.
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