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by Mike Caswell

Federal prosecutors in New York have requested up to eight years in prison for Igor Palatnik, a New Jersey man who pleaded guilty to federal criminal charges arising from a scheme with Vancouver's Canafarma Hemp Products Corp. They say that Mr. Palatnik was one of the architects of a "massive fraud" that stole millions from investors. He set up a hemp operation that was "just for show" and used it to obtain money for personal expenses, prosecutors say.

The request from prosecutors comes as part of a case that prosecutors have been pursuing against Mr. Palatnik and another man, Vitaly Fargesen, for a 2019 scheme with Canafarma. According to the government, the men founded Canafarma and used it as a vehicle to take investor money through bogus consulting agreements. The men realized $4-million through the scheme, prosecutors say. (All figures are in U.S. dollars.) There was no trial for Mr. Palatnik, as he pleaded guilty to charges of conspiracy to commit securities fraud and conspiracy to commit wire fraud.

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