State Sen. Patricia Van Pelt’s embattled CBD business has paid back more than $144,000 to investors as part of a settlement agreement stemming from an investigation by the Illinois secretary of state’s office, the Chicago Sun-Times has learned.
After WCIA in Springfield reported on Van Pelt’s pot-related endeavors in May 2019, she was swiftly removed as a co-sponsor of the legalization measure and a conflict of interest ban was later added. In addition, the secretary of state’s office opened an investigation.
WaKanna Investors had sought to unload up to $1 million worth of shares, or LLC units, according to “report of sale” documents that were initially misfiled and weren’t submitted within the allotted timeframe. “The legal concern was mainly that it was offered to non-state residents, when it should have only been offered to state residents,” Boston said of the LLC unit sale, noting that only out-of-staters accepted the rescission deal.
The payoffs to investors left WaKanna Investors with 35 outside backers — the most allowed by state and federal regulations — but the investigation remained open for months. Finnigan also confirmed his team has cooperated with other investigations, though he declined to name the other agencies probing the WaKanna entities.
Karen Mason, a WaKanna For Life distributor, complained that over seven months in 2019 she spent nearly $1,800 on two “dispensary” packages containing CBD products, business tools, classes and support services — purchases that were premised on Boston’s assurances that she would also receive shares of stock and a chance to receive a portion of the company’s revenue. But Mason never received any official documentation, according to the complaints.
While she acknowledged that Boston reached out and offered to buy back products, Mason told the Sun-Times she never received records of the shares she was promised or a refund of what she believed was investment money. A South Sider with a background performing audits and doing compliance work, Mason said she also noticed glaring gaps in WaKanna For Life’s operations when she was hired to conduct a fixed asset review at the company’s headquarters at 411 E. 35th St. For example, she said there was no documentation of the building’s assets and no accounting of the inventory held there.
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