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SEC Orders Adam Nugent, FWM to Pay $3 Million over 2018 Cannabis Investment Scheme

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The Securities and Exchange Commission announced on Tuesday that it had settled fraud charges against Utah-based registered investment adviser Foresight Wealth Management (FWM) and its principal, Adam E. Nugent, for violations related to a private fund they managed.

The SEC is ordering them to pay more than $3 million for allegedly defrauding investors who gave roughly $19.5 million to invest in a company called Agronomics.

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The SEC stated that between March 1. 2018, and Dec. 31, 2018, Foresight and Nugent raised approximately $19.5 million from more than 80 investors, many of whom were individual advisory clients of Foresight and Nugent, through offerings of limited partnership interests and promissory notes in the private fund.

Foresight_Wealth

Instead of using the money for the company, the SEC claims the two entities misused the fund assets, failed to disclose conflicts of interests, misrepresented to investors how the proceeds of their investment would be used, and breached Ag Capital’s limited partnership agreement.

The SEC said that Foresight and Nugent agreed, “without admitting or denying the SEC’s findings, to a cease-and-desist order; joint and several disgorgement of $1,379,061, prejudgment interest of $280,003, and a civil penalty of $1,379,061; censure as to Foresight; and undertakings, an industry bar and investment company prohibition as to Nugent.”

Who is FWM?

FWM is a Utah limited liability company headquartered in Draper, Utah. It was formed in 2010, and has been registered with the Commission as an investment adviser since 2015. FWM advises multiple types of clients, including individuals, seven hedge funds, and three private equity funds, including Ag Capital.

On its Form ADV filed on Sept. 9, 2022, FWM reported approximately $1.35 billion in regulatory assets under management.

Since Nugent, a resident of Salt Lake City, formed FWM in 2010, he has been the founder, chief executive officer, sole owner, managing member, and an investment adviser representative of FWM. Nugent was a principal shareholder of Agronomic Management, Ag Capital’s original general partner.

The Investment

FWM began taking investor money to grow and distribute marijuana in California. Called “syndicate transactions,” these investments typically paid investors a “net multiplier” between 1.25 and 1.60 of their original principal.

Between August 2017 and January 2018, 29 advisory clients of FWM and Nugent invested a total of approximately $2.9 million in the syndicate transactions. According to the SEC allegations, this original money was used to finance the creation of the Agronomic companies. Nugent formed Ag Capital, which was meant to finance Ag Holdings’ operations, and Ag Management, the general partner of Ag Capital, which was meant to help manage Ag Holdings’ daily affairs.

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SEC Orders Adam Nugent, FWM to Pay $3 Million over Cannabis Investment Scheme



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And Today’s Mass CCC Drama Is… plot to “take out” O’Brien as punishment for investigating serious allegations of cover-ups, abuse and misconduct within the agency.

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C/- Grant Smith – Ellis

I do hope there is a Netflix scriptwriter following his posts – all this would make a perfect update to Parks & Recreation or The Office..

Here’s a taste of the latest episode

 

In shocking development, former Massachusetts CCC Chair Shannon O’Brien alleges State Treasurer Deb Goldberg violated court order in an attempt to keep secret details about a plot within the CCC to “take out” O’Brien as punishment for investigating serious allegations of cover-ups, abuse and misconduct within the agency.

Furthermore, say O’Brien’s lawyers, Goldberg attempted to spread this incorrectly redacted document to the press in an attempt to obfuscate the serious allegations directed at CCC staff (and currently being hidden from the public by way of these risky redactions).

A section of Thursday’s motion from former CCC Chair Shannon O’Brien, alleging violations of a court order by State Treasurer Deb Goldberg. (Released via MassCourts, 2/13/25)

O’Brien, in turn, is asking the court to order the entire document unsealed for pubic review as a sanction for Goldberg violating the court’s specific instructions as to redactions.

“Given the nature of the underlying proceedings, and the asserted bases for Plaintiff’s removal as Chair of the CCC, the Court is, frankly, skeptical that the administrative record itself is likely to contain a significant amount of protected personal information that satisfied the narrow definition of same under SJC Rule 1:24,” said judge Robert B. Gordan (who is specially assigned to the matter) in a prior ruling instructing Goldberg as to how to go about filing the redacted document in question. Read more background about that ruling here – https://www.patreon.com/posts/121109593

A section of the original court order that O’Brien alleges Goldberg violated. (Released via MassCourts, 1/30/25)

Then, in a strong, rebuke to Goldberg, Judge Gordon went on to say, …[T]he Treasurer has not identified, and the Court has not located, any case authority suggesting that an administrative record filed in the context of a review under G.L.c. 249 Section 4 or G.C.c. 30A is subject to the broader strictures of [the Fair Information Practices Act/FIPA], to claims of attorney-client privileges asserted after the subject information was disclosed in an administrative proceeding, or to a privet promised of confidentiality that a governmental agency may have extended to a complaining employee, such as would justify impoundment or redaction of the administrative record on those grounds.”

In turn, Goldberg’s shocking decision to attempt to hide most of the document in question from public view may well draw the ire of the court upon review thereof.

A hearing on the matter has been requested, but not yet scheduled, in Suffolk Superior Court.

’Brien alleges that a group of CCC staff members –attempting to cover up serious allegations of abuse, misconduct and corruption– “took out” O’Brien with pre-textual smears after she attempted to reform the beleaguered regulatory juggernaut.

Goldberg, O’Brien further alleges, is attempting to hide documents related to O’Brien’s suspension (and eventual dismissal) that may show a plot by Nurys Camargo, Shawn Collins, Cedric Sinclair and other CCC personnel to “take out” O’Brien with pretextual allegations of misconduct. Those documents are currently being kept private by Goldberg’s office because of the explosive allegations of misconduct (directed at some of Goldberg’s friends/allies) included therein.

Plenty more at

https://www.patreon.com/posts/new-overnight-in-122264111?utm_campaign=patron_engagement&utm_source=post_link&post_id=122264111&utm_id=8eb034e7-1b0e-497d-b0de-90b535ee76e9&utm_medium=email

 



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Royal Queen Seeds Fund Campaign In Germany Saying There’s A Lot of Poo In Illegal Weed.. and yes hilarity ensues with puns about smoking good shit

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Only one in five samples classified as “clean”

After eight months of work and with the fantastic support of over 200 volunteers, the submitted samples were tested for biological components, pesticides, and other drugs.* And the results were shocking: Out of more than 300 samples tested, only around 20 percent were classified as safe and clean products. The majority of the remaining 80 percent contained traces of substances such as human and animal feces, Covid-19, and influenza viruses. We also found traces of cocaine, ketamine, crystal meth, MDMA, and even compounds from hairspray, as well as traces of toxic pesticides that are classified as illegal in Europe.

Worst test results in Berlin, Hamburg, and Munich

How the individual cities performed in the study is shown in the following overview, listed in descending order from most to least contaminated samples from 30 German cities and 20 other European metropolises.

*Please see below for detailed information on the analysis methodology.



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Both Chambers Of Virginia’s Legislature Vote To Legalize Adult Use Cannabis Sales

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Marijuana Moment

With a vote on Tuesday by Virginia’s House of Delegates, both chambers of the legislature have now passed bills that would legalize and regulate recreational marijuana sales in the commonwealth.

House members voted 53–46 to approve HB 2485, from Del. Paul Krizek (D), which would allow adults 21 and older to purchase up to 2.5 ounces of marijuana from regulated, state-licensed retailers. The vote comes after the Senate last week approved companion legislation, SB 970, from Sen. Aaron Rouse (D).

Each bill now proceeds to the opposite chamber for consideration there.

Even if lawmakers give final approval to the legislation, however, Gov. Glenn Youngkin (R) has indicated he plans to veto it, as he did last year with nearly identical legislation.

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Both Chambers Of Virginia’s Legislature Have Now Voted To Legalize Recreational Marijuana Sales



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