A Boise man is being investigated for possible Ponzi scheme related to fake cannabis business

BOISE, Idaho (KMVT/KSVT) — A Boise man is under investigation for duping investors out of roughly 60 million dollars on a fake weed business that never existed.

According to a filing with the Securities and Exchange Commission, Rolf Hirschmann of Boise and his partner Patrick Earl Williams from southern California have worked since at least June 2019 to raise capital from investors for a business called WeedGenics.

It’s alleged that Hirschmann and Williams told investors they would use the funds to expand their facilities, guaranteeing a 36% return.

However the problem is that the company, WeedGenics wasn’t real, and the two men do not own any cannabis businesses and the money was used in a Ponzi-like scheme for their benefit.

Hirschmann, the face of the company, used the fake name, Max Bergmann, the entire time he communicated with investors.

At the same time, Williams, vice president of the company, worked behind the scenes and spent the investors’ funds on his other career as a rap musician known as “Bigrigbaby,” according to the S.E.C.

A hearing is scheduled for June 2nd to consider whether to issue a preliminary injunction and appoint a permanent receiver.

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