Several investors and a Colorado firm are alleging they are victims of a scheme to strip them of funds and ownership stakes in a St. Louis cannabis venture. One of their targets: newly re-elected St. Louis Alderman Bret Narayan.
A lawsuit filed Friday in St. Louis County Circuit Court alleges that Narayan and his brother, Rahm, “tricked” two Colorado cannabis investors into contributing their money and expertise into a Missouri cannabis operation created by the Narayans, Occidental Group Inc., “over which the Narayans schemed, with the other defendants, to wrest full control.”
The suit accuses the Narayans of fraud, breach of contract and violating securities and other laws. It seeks unspecified damages, plus rulings that the investors have right to 49.8% of the local venture.
Bret Narayan, in a text message Monday, said he was just seeing the suit. “I will review with counsel and be in touch,” he said.
Who can you trust downtown at City Hall? Editor.