March 09, 2017
Notis Global, Inc., f/k/a Medbox, Inc., Vincent Mehdizadeh
SANCTION AMOUNT: Approximately $12 million
Defendants: Notis Global, Inc., f/k/a Medbox, Inc.
Mehdizadeh was the founder of Medbox, described as a leader in the marijuana industry. However, its revenues were allegedly boosted by illegal stock sales carried out by a shell company created by Mehdizadeh called New-Age Investment Consulting. Further, Medbox allegedly issued press releases headlining the phony revenues as record earnings to legitimize itself as a viable commercial operation when in fact nearly 90 percent of the companys revenue in the first quarter of 2014 stemmed from sham transactions with New-Age.
- Key Docs
- Official SEC press release