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On July 2 in federal court, Carlsbad’s Andrew Fellner and his Strategic Global Investments got sued for securities fraud. The company is a penny stock trading on the Over-the-Counter pink sheets, the financial industry’s equivalent of the Wild West.

The plaintiff, Highlander Holdings, also of San Diego County, holds three million shares of Strategic. In 2014, Highlander plunked half a million dollars into Strategic, believing its claim that it would soon enter the Colorado marijuana business. But Strategic did not have the licensure, funding and infrastructure to produce marijuana, according to the suit.

The Securities and Exchange Commission in 2016 filed suit against Strategic over the same matter, saying that at no time did Strategic have the ability to produce marijuana in Colorado. In 2017, the agency won partial summary judgment against Strategic. The agency pointed out that in 1982 Fellner pleaded guilty to conspiracy and mail fraud in a real estate scam and spent approximately three years in prison.

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Comments

Visduh July 10, 2018 @ 5:47 p.m.

So, 'way back in time almost forty years ago this dude did hard time. Seems as if he didn't learn much from the experience. Well, either that or he's suffering from dementia, and can't remember it.

There is mucho dinero to be made from pot/marijuana/weed/grass/cannabis (did I miss any of the names?) legalization. But it will go to those who really know the ropes of this transition from illegal to legal. And the dubious opportunity offers many openings for fraud. An "investor" looking for a killing in weed needs to tread very lightly and trust just about nobody.

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Don Bauder July 10, 2018 @ 8:02 p.m.

Visduh: Penny stock peddlers came out with fraudulent offerings in advance of Colorado's official legalization. That's what penny stocks are all about: fraud. (However, a stock selling for $5 can be considered a penny stock, and some of them can be on the level. The stock in this case was selling under $1.) Best, Don Bauder

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Visduh July 11, 2018 @ 3:49 p.m.

That brings up--and I'm going off-topic here--the matter of penny stocks that once were priced above the penny stock cutoff of say $10 or $5. The number of such issues that drop that low and then subsequently recover is painfully small, as I understand the situation. I had one stock that actually came back, but recall it being the only one that did that. So, now we can wonder about GE, which has been as low as $12.61, and closed today at 13.99. That's dangerously close to the penny stock category, and a huge comedown for a company that was a blue chip stock for decades.

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Don Bauder July 17, 2018 @ 1:25 a.m.

Visduh: Yes, ya gotta know the territory and the weed, your product. Best, Don Bauder

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Don Bauder July 19, 2018 @ 9:10 p.m.

Visduh: Let me add something. GE was, and may still be, cooking the books. For a long time, it was done through the finance subsidiary. Under Welsh, a charlatan if there ever was one, the company made an acquisition of a money-making company every quarter, thus giving the impression that it had steady internal growth. It had no such thing. Best, Don Bauder

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monaghan July 10, 2018 @ 6:34 p.m.

You missed "dope." That's both the hallucinogen and the fool who uses it.

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Visduh July 10, 2018 @ 7:54 p.m.

Yep, can't understand why I forgot that one, 'specially since it seems so popular now. And you're right about the users.

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Don Bauder July 10, 2018 @ 8:06 p.m.

Visduh: The users of dope are dopes. Some day I will check the derivation of the word"dope." There mat be an interesting link between the two usages. Best, Don Bauder

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Don Bauder July 10, 2018 @ 8:04 p.m.

monaghan: The best dope, as in information, is to avoid dope. Best, Don Bauder

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monaghan July 11, 2018 @ 8:21 a.m.

Great reference! Many meanings over many years, but the description of "dope" in slang usage since 1981 is really interesting. Way to go, Reader commenter JustWondering, totally cool.

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Don Bauder July 19, 2018 @ 9:15 p.m.

JustWondering: Great information. Best, Don Bauder

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Don Bauder July 19, 2018 @ 9:12 p.m.

monaghan: Bingo! Right on. FYI, I read today that you can become addicted to opioids in five days. Best, Don Bauder

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Don Bauder July 11, 2018 @ 8:29 a.m.

JustWondering: Fascinating etymology. Best, Don Bauder

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JustWondering July 11, 2018 @ 10:14 a.m.

Don: Thanks to both you and Monaghan for those kind words. While we may not always agree, I do respect the intellect, thought and consideration you put into this blog.

Without knowing it, your posts challenge me to find answers to questions you provoke in me. I am embarrassed to admit my own depth of vocabulary shortcomings. Thus you force me to expand my aged mind. I have no doubt you would have be a great professor had you taken it up after retiring from the UT.

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Don Bauder July 11, 2018 @ 9:23 p.m.

JustWondering: Several of my U-T colleagues went on to teach journalism in colleges upon retirement -- Alan Miller, former U-T editorial writer, for one. Best, Don Bauder

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Don Bauder July 11, 2018 @ 8:30 a.m.

monaghan: JustWondering does good work for this blog site. Best, Don Bauder

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shirleyberan July 11, 2018 @ 10:52 a.m.

I wonder what was the anti-anxiety medication they gave the trapped Thai kids. In a dark cave, swim out, even if you don't know how, tow the line laid out, with your head under water as far as required till safe, don't ever panic. I want that.

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Visduh July 11, 2018 @ 12:25 p.m.

Good point. The trip in the cloudy water took an hour or more. I doubt that I could have remained calm, breathing through a tube, my face in a mask, for that long. (They might have used an old tried-and-true medication, morphine.)

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Don Bauder July 11, 2018 @ 1:46 p.m.

Visduh: Our older son, an avid diver/uinderwater photographer, questioned if it would work. He is not a cave diver but consulted his cave-diver friends. This was a wonderful, heartwarming story. I particularly liked the international cooperation. Best, Don Bauder

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dwbat July 11, 2018 @ 5:35 p.m.

No, it wasn't an opioid or other painkiller. It was an ananxiolytic of some type but I haven't seen the exact drug mentioned yet. I guess it will be revealed eventually.

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Don Bauder July 11, 2018 @ 9:24 p.m.

dwbat: When it is revealed, there might be a run on the stuff. Best, Don Bauder

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Don Bauder July 12, 2018 @ 10:15 a.m.

Murphyjunk: I don't know about that. Best, Don Bauder

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Don Bauder July 16, 2018 @ 7:49 a.m.

Murphyjunk: Isn't Valium over the hill now? Best, Don Bauder

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dwbat July 12, 2018 @ 5:46 p.m.

It's a prescription drug, and it's prescribed for good reasons. Nobody is going to swarm their doc's office begging for it. It's not a recreational drug, so there won't be a "run" on it. Let's get back down to reality.

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Don Bauder July 12, 2018 @ 8:28 p.m.

dwbat: Of course, many of the recreational drugs are prescription drugs. Also, I thought we weren't sure what this drug was. Best, Don Bauder

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Don Bauder July 11, 2018 @ 1:43 p.m.

shirleyberan: That is a very good question. I don't know the answer. Whatever it was, it helped create something close to a miracle. Best, Don Bauder

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JustWondering July 13, 2018 @ 3:41 a.m.

Reports are now surfacing on the drug given to “calm” the Thai cave spelunkers. Reports, if correct, say the kids were given Ketamine.

Ketamine, according to Wikipedia, is a medication mainly used for starting and maintaining anesthesia. It induces a trance-like state while providing pain relief, sedation, and memory loss. Other uses include for chronic pain and for sedation in intensive care.

More importantly, heart function, breathing, and airway reflexes generally remain functional during its effects. Effects typically begin within five minutes when given by injection with the main effects lasting up to 25 minutes.

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Don Bauder July 13, 2018 @ 6:39 a.m.

JustWondering: Finally we may be learning something about the drug. I hope more comes out. Best, Don Bauder

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