Green Life Farms, Lake Worth, FL, said it “immediately terminated” its relationship with Raymond Pirello Jr., who has been indicted for investment fraud.
The indictment lists Pirello as a “significant shareholder” and “founder” of the business, which the company says is not true.
“Although self-described as a ‘founder’ of the company, that is an inaccurate and inflated description of Mr. Pirello’s role (at Green Life Farms,)” the company said in a statement. “Mr. Pirello served in a public relations capacity for Green Life Farms and assisted with the company’s marketing and investor relations efforts. At no time was he involved with the company’s accounting or finance departments, nor was he a member of the company’s leadership team.”
According to the U.S. Attorney’s Office, Eastern District of New York, Pirello was indicted on three counts: securities fraud conspiracy, wire fraud conspiracy, and securities fraud relating to a scheme to defraud investors and prospective investors.
“Lying and making material misrepresentations to investors is not just dishonest and bad business, but also a crime,” said FBI assistant director-in-charge James Smith, in a statement. “Raymond Pirello is alleged to have done just that when he advertised no-fee opportunities. In reality, there were significant up-front fees from which he personally benefitted. The FBI is committed to holding accountable those who seek to profit from lies.”
The indictment names Green Life Farms as a related entity, in which Pirello’s Late Stage Funds offered investors the opportunity to purchase stock.
Green Life Farms, in a statement, says it “had no knowledge of, involvement in, or benefit received from the activities of which Pirello is accused and is deeply troubled by the charges.”
The company said at various points in its history, that “Green Life Farms sold portions of its stock to several investment funds to support ongoing operations and to fund facility growth, as is typical for many small businesses at this stage of growth,” and that all transactions followed regulatory rules.
