Portland legal professional accused of hiding job in true estate fraud, then reaping tens of millions in marijuana offer

Cannabis enterprise Cura Cannabis emerged from the wreckage of the Iris fraud and in the long run marketed for $400 million. Portland attorney Nick Slinde retained a stake in the business enterprise, obtained in payment for his function representing Iris. Hans Pennink | AP Image

Portland lawyer Nick Slinde is going through new allegations that he hid his position in a infamous Oregon actual estate rip-off, placing his have interests in advance of his client’s and reaping hundreds of thousands of bucks when investors’ money was redirected into a marijuana small business in which Slinde owned a stake.

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

Iris Capital timeline

2011 to 2014: Oregon financial commitment manager Shayne Kniss raises $5 million from Oregon retirees for actual estate investments. Nick Slinde requires a 15% stake in the marijuana business enterprise in trade for lawful perform for Iris.

2015: Kniss shutters Iris to emphasis on marijuana startups traders stop obtaining monthly distributions. Oregon decide appoints a receiver to consider manage of Iris and get well any out there resources for investors.

2016: Portland investor Nitin Khanna and his brother invest in the cannabis company from the Iris estate for $519,000 Nick Slinde, who has routinely represented Khanna, retains a stake in the cannabis business enterprise, afterwards regarded as Cura Cannabis, or Find.

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

2019: Kniss sentenced to three years in federal jail. He data files a bar grievance in opposition to Slinde, alleging the law firm experienced a conflict of desire by negotiating on behalf of Iris and the marijuana small business, in which Slinde experienced a stake, concurrently. Cura, the cannabis organization, agrees to a $1 billion, all-inventory sale to a Massachusetts company, Curaleaf.

2020: Cura completes its sale, but next a sharp drop in Curaleaf’s share price the deal is now really worth about $400 million.

2022: Khanna, Slinde and many others sued by Curaleaf’s chairman above an alleged $60 million securities fraud about the launch of a different wellness enterprise called Sentia. Slinde served as Sentia’s basic counsel.