Former Insurance Agent Accused of Defrauding Clients in Fake Marijuana Investment Scheme

A former licensed insurance agent has been arraigned on multiple felony charges following allegations of orchestrating a fraudulent investment scheme involving a fictitious cannabis business. According to the California Department of Insurance (CDI), the ex-agent allegedly convinced clients and acquaintances to invest over $1.8 million in a non-operational company known as ‘House of Green.’

The case began when two victims reported investing $1.3 million without receiving returns or updates. CDI investigators found no evidence the business ever existed and uncovered 13 additional victims. Authorities say the funds were misappropriated to support a lavish lifestyle and promote the agent’s separate consulting firm.

Earlier this year, the individual’s insurance license was revoked in connection with a separate investigation involving identity theft and fraudulent insurance applications. That case resulted in probation and a restitution order for both the former agent and a co-conspirator.

The Los Angeles County District Attorney’s Office is prosecuting the current case, with a preliminary hearing scheduled for September 15.