A North Texas man is being accused of misusing over half a million dollars in investor funds in gambling and luxury clothes.
A former Dallas, Southlake and Arlington resident has been accused by the SEC of fraudulently gambling and spending hundreds of thousands in investor money from his hemp business. resident.
However, in April 2020, Cournoyer emailed investors saying he needed more money to get the hand sanitizer facility “up and running.” By January 2021, he falsely claimed to at least one investor that production at the hand sanitizer facility was underway and that he was working with casinos to sell his hand sanitizer and CBD coffee, according to the SEC.
He claimed 25 years of experience in private equity, failing to mention that the SEC had previously charged him with fraud and barred him from having involvement in penny stocks offerings and from associating with any brokers or dealers in a previous case. Cournoyer also filed for bankruptcy in September 2022.During this period, Cournoyer never had a personal bank account. Rather, he opted to use a Green Equity bank account which he had sole control of, according to the SEC.
Between June 1, 2019 and June 30, 2019, Cournoyer spent thousands of dollars from investor funds in Las Vegas at the Mirage, the Bellagio and Panerai luxury boutique, the SEC claimed. He also allegedly spent thousands at aAmerican Airlines and other major U.S. airlines are suing the Biden Administration over a new rule on disclosing ticket fees.
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