News
Beverly Hills fraudster admits guilt in $18 million marijuana scheme
A notorious Beverly Hills scammer has once again found himself in hot water after pleading guilty to a staggering $18 million cannabis con. Mark Roy Anderson, 69, confessed to defrauding investors through a complex web of lies and deceit, all while still serving time for a previous criminal conviction.
According to the U.S. Attorney’s Office, Anderson tricked unsuspecting victims with bogus claims about owning hemp farms, producing cannabis-infused products, and operating a fake bottling business. This elaborate scheme was just the latest in a long line of fraudulent activities dating back thirty years.
Despite his checkered past, Anderson wasted no time in launching his latest scam immediately following his release from federal prison in 2019. Under the guise of a company called Harvest Farm Group, he persuaded investors to pour money into a non-existent hemp farm in Kern County. False promises of high returns on CBD isolate and Delta 8 products lured investors in, only to leave them empty-handed.
But Anderson’s deception didn’t stop there. From 2020 to 2023, he continued his fraudulent activities by soliciting funds for Bio Pharma and Verta Bottling companies, claiming they were legitimate businesses with substantial assets. In reality, Anderson used the money to fund a lavish lifestyle, including the purchase of a million-dollar estate in Ojai and splurging on luxury cars, private jet flights, and high-end merchandise.
Now, facing the consequences of his actions, Anderson has agreed to forfeit his ill-gotten gains, including expensive cars and real estate. With a federal court hearing scheduled for August 23, the disgraced former lawyer could be looking at a maximum sentence of 20 years for each count of wire fraud.
As details of Anderson’s elaborate con continue to emerge, it serves as a stark reminder of the dangers of trusting individuals with a history of deception. Investors and consumers alike must remain vigilant and conduct thorough due diligence before parting with their hard-earned money.
It is a cautionary tale that reinforces the importance of thorough investigation and vetting of individuals and companies in the ever-evolving cannabis industry. Hopefully, justice will be served, and the victims of Anderson’s elaborate scheme will see some form of restitution for their losses.
Former Times staff writer Michael Finnegan contributed to this report.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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