PE CEO Gets 30 Months For Ripping Off Pot Venture Investor – Law360

Law360 (June 24, 2021, 3:17 PM EDT) — A private equity CEO from Arizona was sentenced to 2½ years in prison on Wednesday for defrauding a business partner in a marijuana-related joint venture by bogarting the man’s $1.35 million investment, according to the Department of Justice.

New Jersey U.S. District Judge Joseph H. Rodriguez sentenced Karl James to 30 months in prison followed by three years of supervised release after James, the chief executive of Gore Capital LLC, pled guilty to one count of wire fraud nearly two years ago.

James cut a 2016 deal with entrepreneur Frank Koretsky where they agreed to each invest $1.5 million into Nevada…

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