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Securities

Jul. 2, 2026

Receiver sues Murchison & Cumming over alleged Ponzi scheme

A receiver appointed in an SEC enforcement action alleges Murchison & Cumming LLP aided a fraudulent cannabis investment scheme by allowing an inexperienced associate to handle complex securities work despite numerous warning signs.

A court-appointed receiver sued Murchison & Cumming LLP, alleging it helped prolong a $62.8 million cannabis investment Ponzi scheme by lending credibility to the operation and preparing documents used to solicit investors.

The complaint alleges Integrated National Resources Inc., or INR, was one of several companies used to operate a fraudulent cannabis investment scheme, and that its principals "needed a law firm to help it appear legitimate in the eyes of investors and...

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