About time too although we note from this cannabiz report he can still retain ownership of a financial services company
Former Creso Pharma chairman Adam Blumenthal has been fined $850,000 by the corporate watchdog and banned for five-years for allegedly breaching his director duties, including market rigging in relation to share trading in the listed cannabis company.
Blumenthal will also pay $150,000 towards the cost of an investigation by the Australian Securities and Investment Commission (ASIC) and a further $100,000 towards costs.
But he will be allowed to retain ownership of a financial services company even though he must step aside from the finance industry, and his EverBlu Capital advisory company, for five years.
Blumenthal told The Australian he accepted ASIC’s ruling and expressed his gratitude at being allowed to maintain ownership of a company.
The investigation into Blumenthal emerged in November 2021 when the Federal Police raided the offices of EverBlu.
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Around the same time this happened
WA: Legalise Cannabis MP Brian Walker resigns from medicinal cannabis company over conflict concern
