A jury has convicted a Scottsdale man of wire fraud for persuading an individual to invest in a fraudulent cannabis investment fund. Christopher E. Galvin, 58, was found guilty after a three-day trial in federal court, as stated by the U.S. Attorney’s Office of Arizona.
Galvin founded Hypur Ventures II in 2019 and convinced the victim to invest $100,000, claiming the money would support businesses in the marijuana industry. However, prosecutors revealed that Galvin misused the funds for his own legal expenses and personal gain, failing to return the investor’s money. He is scheduled to be sentenced on May 30.
This case highlights ongoing issues surrounding investment scams in the cannabis sector, especially as legal markets expand. Arizona, with its growing cannabis industry, has become a potential target for such fraudulent activities.
