Gia Investments claims Sunny Isles Beach-based entrepreneur Paul King skipped out on repaying a $3M loan reports the Real Deal a website that reports on South Florida real estate.

Their article says…

In Salinas, California, Paul King lords over a supposedly booming cannabis farm called Cannafornia.

“King has grossly mismanaged Cannafornia and New Wave,” the lawsuit states. “He has used the companies as his personal piggybank to the detriment of their shareholders and creditors.”

 

We did a quick bit of online research and unsurprisingly this is what the website now looks like…….

 

On Insta he can’t help himself and posted a pointless 420 message today (click on image)

He’s alive and well on Linked In…..

 

Real Deal goes on to say

But in South Florida, a recently filed lawsuit accuses the Sunny Isles Beach-based entrepreneur of reigning over an insolvent marijuana business and raiding corporate funds to buy himself two luxury condos in Miami Beach and Miami’s Brickell neighborhood.

Following the condo purchases, he allegedly refused to repay a $3 million corporate loan by claiming the promissory note outlining the terms is a forgery, according to the complaint filed last week in Miami-Dade Circuit Court by his lender, Gia Investments. In addition to King, the lawsuit names as defendants his cannabis companies Cannafornia and California New Wave, along with two separate entities that bought the condos.

“We look forward to proving the allegations in the complaint,” said Gia Investments lawyer Eric Ostroff. King and his attorney Stephen Boren did not return emails requesting comment.

According to the lawsuit, King signed the promissory note on behalf of California New Wave, a subsidiary of Cannafornia, in 2018. Gia Investments alleges both companies are insolvent and were allegedly used for an improper and fraudulent purpose by King, including failing to repay debts to creditors and making fraudulent transfers.

“King has grossly mismanaged Cannafornia and New Wave,” the lawsuit states. “He has used the companies as his personal piggybank to the detriment of their shareholders and creditors.”

Source:  https://therealdeal.com/miami/2020/04/15/cannabis-king-from-sunny-isles-beach-allegedly-misused-corporate-funds-for-luxury-condo-purchases-lawsuit/?mc_cid=49dfd3f35a&mc_eid=8292ba8d17