Owner Shayne Kniss moves on to marijuana start-ups, but doesn’t disclose change to investors.
Kniss didn’t tell some of his 50 clients, who had entrusted at least $5.5 million with him. For some customers, the first real inkling that things were amiss came in September, they said, when they didn’t receive the monthly stipend Kniss normally sent them out of their investment earnings.
Five months later, the whereabouts of their money is unclear, as are the prospects they’ll recover any of it.
Iris Capital is in the hands of a court-appointed receiver, and a phalanx of lawyers is sorting through the wreckage.
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