SEC fines cannabis hedge fund $150K for bogus AML policies, ties to Russian oligarch Abramovich
By 
Jeff Dale2025-01-17T15:49:00
Cannabis hedge fund Navy Capital Green Management agreed to pay $150,000 to settle charges levied by the Securirties and Exchange Commission (SEC) that the firm misled investors about its anti-money laundering/countering the financing of terrorism (AML/CFT) policies and allowed a sanctioned Russian oligarch to invest.
Navy Capital told investors it abided by strict AML/CFT due diligence policies despite actual due diligence practices being materially inconsistent with its representations, the SEC alleged in an order Tuesday.
Between at least October 2018 and January 2022, Navy Capital represented it “conducted specific AML due diligence on prospective investors and ongoing AML due diligence monitoring on existing investors,” including “confirming the identity of the investor and its principal beneficial owners,” the order said.
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