Teri introduces her report.
Andy Defrancesco Quits Sol Global Top Job after Bad Press Weighs on Stock price: $SOL.cn $SOLCF
Andy Defrancesco has resigned from the cannabis company he helped build off large investments from Canadian mega million family the Serruyas. Sol Global Investments ($SOLCF) announced today Defrancesco is out as Chairman of the Board and Chief Investing Officer nearly a year after he took over the company.
The controversial cannabis investor has been grounded in the U.S. after his immigration lawyer advised that neither he nor his wife (ex-wife on paper) Catherine Defrancesco would likely not get back into the country if they left because on paper they are executives / owners of cannabis companies that own U.S. cannabis farms which are still not considered legal by federal law. Which is one of the reasons Defrancesco’s Canadian friends and business associates told this publication he is giving as a reason he is stepping down from Sol Global. But according to people who spoke with the Serruya family there has been pressure for a while now to leave because of the troublesome press Andy has received and the lawsuits against him. The hope is with Andy out Sol Global’s stock, which has been down over 30% in the last three months, will start to rebound and investors will believe its CEO, Brady Cobb, will run the company independent of Andy or the Serruya family influence.
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I’m a professional financial investigative journalist who has written for the Greenwich Time, Hearst CT Newspapers, Forbes Magazine, Fortune.com, The Atlantic.com, New York Magazine, New York Post, Trader Monthly, Housingwire, ML-Implode, The Business Insider, Long Island Business News, Dealbreaker, New York Observer, Bitcoin Magazine, DealFlow Media, SIRF.org and more. For the last five years I have been a contributing reporter for Market Nexus Media who publishes a financial trade publication called Growth Capital Investor.
I earned my breaking/investigative news chops reporting during the financial crisis in 2008 for the Sunday edition of the New York Post. I was one of the first to report on the missteps at IndyMac that lead to government investigations and lawsuits against the banks founders. Caught hedge funds like Carrington Capital abusing investors without disclosing conflicts of interest with senior RMBS bond holders; they were sued by Wilbur Ross for Civil RICO. I exposed Bear Stearns misleading their own investors and monoline insurers on the quality of the loans in their mortgage-backed securities, which led to a fraud lawsuit against JP Morgan/Bear Stearns and the $13 billion settlement with the DOJ in 2013. Since 2010 multiple Wall Street firms, that my reporting warned about first, have been [JP Morgan, SpongeTech, Security Savings Bank, SAC Capital, Palm Beach Capital Management, New Stream Capital, NIR Group/Cory Ribotsky, Bear Stearns RMBS Traders, Mike Perry IndyMac CEO, Steven Muehler and the Nanocap MarketPlace, Barry Honig and The Frost Group] investigated or charged for financial violations by the FBI/SEC/State AG or shut down by bank regulators.
The Huffington Post named me the number three most dangerous financial journalist for being willing to challenge the establishment and inform readers best. I’m working on trade-marking “Smashmouth Journalism”
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