July 2, 2022

Portland attorney accused of hiding part in real estate fraud, then reaping hundreds of thousands in marijuana deal

Marijuana organization Cura Cannabis emerged from the wreckage of the Iris fraud and ultimately sold for $400 million. Portland legal professional Nick Slinde retained a stake in the company, acquired in payment for his do the job representing Iris. Hans Pennink | AP Photo

Portland attorney Nick Slinde is going through new allegations that he hid his position in a infamous Oregon true estate scam, placing his very own interests ahead of his client’s and reaping hundreds of thousands of bucks when investors’ dollars was redirected into a marijuana enterprise in which Slinde owned a stake.

The new accusations are in a scathing letter to the Oregon Point out Bar from the court-appointed receiver overseeing the dissolution of Iris Funds, the investment fund that spurred the scandal and expense Oregon retirees $1 million in cost savings. The bar affiliation has been investigating Slinde considering the fact that 2019.

Iris Cash timeline

2011 to 2014: Oregon expense supervisor Shayne Kniss raises $5 million from Oregon retirees for actual estate investments. Nick Slinde normally takes a 15% stake in the marijuana business in exchange for authorized get the job done for Iris.

2015: Kniss shutters Iris to aim on cannabis startups buyers stop acquiring regular monthly distributions. Oregon choose appoints a receiver to get command of Iris and get better any available resources for investors.

2016: Portland investor Nitin Khanna and his brother purchase the marijuana organization from the Iris estate for $519,000 Nick Slinde, who has usually represented Khanna, retains a stake in the cannabis organization, later on recognized as Cura Hashish, or Select.

2018: Federal prosecutors charge Kniss with wire fraud he pleads guilty to a solitary count.

2019: Kniss sentenced to three many years in federal jail. He documents a bar criticism towards Slinde, alleging the lawyer experienced a conflict of fascination by negotiating on behalf of Iris and the cannabis business enterprise, in which Slinde had a stake, concurrently. Cura, the cannabis organization, agrees to a $1 billion, all-stock sale to a Massachusetts corporation, Curaleaf.

2020: Cura completes its sale, but pursuing a sharp decline in Curaleaf’s share value the deal is now truly worth about $400 million.

2022: Khanna, Slinde and other folks sued by Curaleaf’s chairman above an alleged $60 million securities fraud about the launch of a separate wellness organization identified as Sentia. Slinde served as Sentia’s standard counsel.