Cannabis Pod Company Founder Agrees to Pay Fine Over SEC Charges

The founder of a company that manufactured shipping containers fitted for growing cannabis and other produce agreed to pay $100,000 to settle an SEC lawsuit alleging the defendants concealed business relationships and sold unregistered investments.

Shannon Illingworth, the founder of GP Solutions Inc., consented to a $100,000 civil penalty and a five-year officer-and-director ban to resolve the Securities and Exchange Commission’s charges, according to a filing Thursday in the US District Court for the Central District of California.

The SEC’s complaint alleges Illingworth secretly controlled GP Solutions while hiding that most of the company’s revenue came from sales to related ...