FINRA Bars Former Edward Jones Advisor Amid Investigation into Alleged Cannabis Ponzi Scheme Involvement

Posted on March 7th, 2024 at 1:26 PM
FINRA Bars Former Edward Jones Advisor Amid Investigation into Alleged Cannabis Ponzi Scheme Involvement

From the desk of Jim Eccleston at Eccleston Law

A former Edward Jones advisor, Alexandra P. Bovee (also known as Alexandria Montgomery), has accepted an industry bar rather than cooperate with the Financial Industry Regulatory Authority's (FINRA) investigation into her alleged involvement with a cannabis growing company labeled a Ponzi scheme.

As reported by AdvisorHub, Bovee declined to provide testimony in the investigation regarding potential violations of FINRA rules or federal securities laws related to the sale of securities issued by Integrated National Resources (INR). Her refusal triggered an automatic bar under FINRA Rule 8210. The investigation stemmed from an investor tip and a Securities and Exchange Commission (SEC) complaint in May, accusing Bovee of receiving $715,000 in payments for her role in helping INR investors restructure or return their shares, naming her as a relief defendant.

INR, also known as WeedGenics, faced a shutdown with frozen assets in May following the SEC's complaint, accusing it of operating a Ponzi scheme. The company claimed to raise funds for developing cannabis cultivation facilities but allegedly misappropriated over $16 million for personal expenses, including luxury cars and adult entertainment.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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