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by Mike Caswell

The U.S. Securities and Exchange Commission and federal prosecutors in California have filed charges against convicted fraudster Paul Bilzerian, citing him for manipulating the revenue of Ignite International Brands Ltd., a former cannabis listing on the Canadian Securities Exchange. The SEC claims that Mr. Bilzerian caused Ignite to report $4.6-million in revenue in the fourth quarter of 2020 that did not exist. (All figures are in U.S. dollars.) His efforts sent the stock to $1.20 from 42 cents, prosecutors say.

The allegations against Mr. Bilzerian are contained in an indictment and parallel civil complaint released by prosecutors and the SEC on Friday, Sept. 27. The criminal charges against Mr. Bilzerian, 74, include one count of conspiracy to commit wire fraud and securities fraud and four counts of wire fraud. Also charged criminally is Scott Rohleder, 61, a North Carolina resident who was Mr. Bilzerian's long-time accountant.

Those charged in the SEC's civil case include Paul Dowdall, an Ontario resident who served as Ignite International's chief financial officer. Also charged is the company's former president and chief operating officer, John Schaefer of New York. The final individual defendant is Christopher Hiestand, a Florida resident who worked for Ignite International's auditor.

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