Remember this story a couple of weeks back ..
Integrated CBD Owners Use PPP Money & Investors Cash To Buy Private Jet Says Lawsuit
Apparently now the owner is adamant that they didn’t use the PPP loans to buy the jet but he bought it all with his own cash.
Which begs the question if you can afford a private jet why not channel your money to employees rather than going to the government with cap in hand for money.
Capitalists of this age appear to be very picky about their brand of capitalism.
Eg give me tax cuts and breaks, give me money to half pay my wage slaves but don’t diss me if I buy a private jet to arse about in. We hope the day of reckoning is coming ever closer, especially when you have to listen to this endless bullshit.
“We were trying to do everything organically and with a lot of transparency and kind of do it the right way. And we’re really disappointed in how things have turned out,” he said.
MJ Biz report
The CEO of a failed CBD company accused by investors of misspending funds and getting a bogus coronavirus-relief loan says the loan has been returned and that credit-card expenses challenged by disgruntled investors were for legitimate business purposes.
Patrick Horsman, whose company Integrated CBD launched in Arizona but failed earlier this year, told Hemp Industry Daily that he sought a loan through the U.S. Paycheck Protection Program (PPP) earlier this year in an effort to rehire staff he’d already laid off.
But the effort failed, and the loan was challenged by Integrated CBD creditors, he said. After successfully fighting those claims, Horsman said, the entire PPP loan of $218,089 was returned to the bank that made the loan.
Horsman purchased a private jet just as the PPP loan was made, but the plane purchase was with personal funds and not connected to the business, he said. Loan money wasn’t used, he said.
“That’s my personal plane,” he said.
The lawsuit filed by investors calls Horsman the “ringleader” of a fraudulent attempt to bilk investors. Also named in the suit are COO Jeffrey M. Dreyer and Ari M. Schiff, head of agricultural business development.
Horsman told Hemp Industry Daily he plans to contest the lawsuit, which was filed in state court in Arizona and seeks unspecified damages. He said the company failed because of falling CBD prices and inaction by federal health authorities on allowing CBD to be sold outside pharmaceutical channels, not because of executive mismanagement.
“We were trying to do everything organically and with a lot of transparency and kind of do it the right way. And we’re really disappointed in how things have turned out,” he said.
Embattled CBD exec says PPP loan was returned, jet bought with personal money
Horse’s Arse: Meaning –
