Dan Bilzerian, the Instagram King, never fails to make headlines, does he? Naturally, no. The social media influencer has taken center stage once again! Wait, it has nothing to do with poker! It is about Ignite International Brands Ltd., Bilzerian’s cannabis business.
According to a story that Poker News published, Bilzerian’s company is in trouble with the Securities and Exchange Commission (SEC), the Ontario Securities Commission (OSC), and the US Department of Justice (DOJ).
According to additional news sources, the DOJ and SEC have begun their own independent investigations against the Cannabis brand for accounting fraud following the OSC’s investigation into Bilzerian’s company. According to media sources, the SEC requested financial documents related to the alleged accounting fraud in California through subpoenas that were submitted in May 2022.
News reports state that Ignite International said in July that it intended to separate from a publicly traded business and become a private company. According to Business Wire, a shareholder meeting in August authorized the decision to go private. It is believed that the SEC requested a court order imposing this approval on the same day.
According to a press release, the following was adopted by the company’s shareholders at the meeting: (i) fixing the number of directors at five (5); and (ii) electing the five nominated directors, Dan Bilzerian, Lester Lee, Greg Gilpin-Payne, Ralph Gilpin-Payne, and Tom Bunker.
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