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Government Action: BBB reports on known government actions involving business’ marketplace conduct:
Securities and Exchange Commission v C3 International Inc
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On September 28, 2021, US Securities and Exchange Commission filed a Complaint against C3 International Inc, Steele Clarke Smitth III, CEO and Co-Founder, and Theresa Smith, Co-Founder of the business. Charges filed allege the business is in violation of Federal law prohibiting fraud in connection with the purchase or sale of securities, fraud in the offer or sale of securities, aiding and abetting, and unregistered offer and sale of securities. The complaint alleges the business and it's CEO deceived investors through numerous material misrepresentations and omissions regarding the company's business and its cannabis pill called Idrasil. Misrepresentations included claiming Idrasil was patented or patent-pending or trademarked, that most insurance companies reimbursed for Idrasil, and that investor funds would be used for business purposes. C3 and Mr. Smith also allegedly made statements about Mr. Smith's background, education and legal history, but omitted the material fact of his prior criminal conviction for conspiracy to manufacture marijuana plants.
The matter is pending.
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