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SEC Hits Cannabis CFO With $1M Penalty for Inflated Financials
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Subscribe17 MAR 2026 / SEC UPDATES
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Former CFO of American Patriot Brands, J. Bernard Rice, has agreed to pay over $1 million in penalties related to falsified financial statements that deceived investors about the company's profitability. The SEC found the cannabis company's financials to be "wildly inflated," revealing the company had misled investors into believing they were a growing business—resulting in a loss of more than $30 million.
A few years back, a partner at a mid-sized CPA firm told me, “If a client’s story sounds bigger than their balance sheet, dig twice.” That line keeps coming back in cases like this one. Because once again, the SEC didn’t just find bad numbers. It found a...
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