In late May, Hemp, Inc. and its co-principals Bruce Perlowin and Barry Keith Epling agreed to pay $10 million to the U.S. Securities and Exchange Commission (SEC) to resolve a suit the SEC filed against them in 2016, according to Law360.
Perlowin will pay $1.7 million, Epling will pay $8 million, and Hemp, Inc. will pay $300,000 to resolve the suit, which alleged they “used a network of shell companies to improperly sell unregistered securities,” according to the news source. However, they didn’t admit or deny the allegations, Law360 stated.
A June 7 press release from Hemp, Inc. stated that “Perlowin has transitioned from CEO to Chief Visionary Consultant (CVC) and while he no longer manages the day-to-day tasks of the company, he remains the true visionary Hemp, Inc. shareholders have come to admire and respect.
“The Company remains committed to its longstanding goals and is aggressively moving forward and continues to add new blood and new ideas to the management of the company. Hemp, Inc. has expanded its knowledge base by bringing in a new CEO and new members of its Board of Directors.”