A land-development company that includes an Arizona CBD firm battling investor fraud claims has filed for federal bankruptcy protection.
Integrated AG is a private equity investor that redeveloped farmland in the western U.S.
Integrated AG, parent company of Integrated CBD, filed for Chapter 11 bankruptcy protection on Jan. 20 and disclosed over $20 million in outstanding debt, the Phoenix Business Journal reported.
Its subsidiary Integrated CBD was sued last fall, accused of bilking investors of millions of dollars and getting an emergency pandemic-relief loan while the business owners used the money to buy a private jet and fund other lavish expenses.
Integrated CBD is listed as a co-debtor in the Integrated AG bankruptcy filing.