Portland legal professional accused of hiding job in critical property fraud, then reaping tens of hundreds of thousands in marijuana supply

Portland legal professional accused of hiding job in critical property fraud, then reaping tens of hundreds of thousands in marijuana supply

Marijuana group Cura Cannabis emerged from the wreckage of the Iris fraud and in the

Marijuana plants are seen at a cultivation facility

Marijuana group Cura Cannabis emerged from the wreckage of the Iris fraud and in the long run bought for $400 million. Portland legal professional Nick Slinde retained a stake within the enterprise enterprise, acquired in fee for his function representing Iris. Hans Pennink | AP Photograph

Portland authorized skilled Nick Slinde goes by way of new allegations that he hid his function in a notorious Oregon true property rip-off, inserting his very personal pursuits ahead of his consumer’s and reaping hundreds and hundreds of greenbacks when buyers’ {dollars} was redirected right into a marijuana firm through which Slinde owned a stake.

The brand new accusations are in a scathing letter to the Oregon Level out Bar from the courtroom docket-appointed receiver overseeing the dissolution of Iris Money, the expense fund that spurred the scandal and price ticket Oregon retirees $1 million in financial savings. The bar affiliation has been investigating Slinde contemplating the truth that 2019.

Iris Capital timeline

2011 to 2014: Oregon expenditure supervisor Shayne Kniss raises $5 million from Oregon retirees for actual property investments. Nick Slinde can take a 15% stake within the marijuana firm in alternate for authorized perform for Iris.

2015: Kniss shutters Iris to give attention to marijuana startups buyers cease receiving month-to-month distributions. Oregon decide appoints a receiver to get administration of Iris and recuperate any out there funds for buyers.

2016: Portland dealer Nitin Khanna and his brother get the hashish group from the Iris property for $519,000 Nick Slinde, who has routinely represented Khanna, retains a stake within the marijuana enterprise, later generally known as Cura Hashish, or Choose.

2018: Federal prosecutors value Kniss with wire fraud he pleads responsible to a one rely.

2019: Kniss sentenced to three a number of years in federal jail. He knowledge information a bar criticism in opposition to Slinde, alleging the legal professional had a battle of fascination by negotiating on behalf of Iris and the hashish group, through which Slinde skilled a stake, concurrently. Cura, the marijuana small enterprise, agrees to a $1 billion, all-stock sale to a Massachusetts agency, Curaleaf.

2020: Cura completes its sale, however pursuing a pointy drop in Curaleaf’s share price ticket the supply is now actually value about $400 million.

2022: Khanna, Slinde and different people sued by Curaleaf’s chairman above an alleged $60 million securities fraud in extra of the launch of a impartial wellness enterprise enterprise recognized as Sentia. Slinde served as Sentia’s regular counsel.