Phoenix Life Sciences founder Martin Tindall was arrested in July and charged with securities fraud, according to Boulder County court documents. Tindall, whom we wrote about in 2018 following he announced a contract to make and distribute a diabetes medication from the island nation of Vanuatu, is due in court for his 1st hearing on October 1.
This is not the 1st time Tindall has faced accusations of shady company practices. In 2013, he was sued by investors in various businesses he owned, accused of siphoning off their investments for his private use. The court initially ruled against Tindall, but he was in a position to get the selection reversed in federal court primarily based on a technicality: not all of the investors he swindled had been celebration to the lawsuit. Numerous years later, even though, all the investors brought back the suit, and won in court.
Just after his current arrest, a grand jury indicted Tindall on additional charges of alleged safety fraud from 2013 to 2017. He is nonetheless in custody at the Boulder County Jail, according to booking reports.
Tindall’s deal with the Vanuatu government — a proposed 25-year contract for CBD pharmaceutical production, a series of clinical trials and possible national care program — could also be in jeopardy. According to the New Zealand publication that initially reported his arrest, Vanuatu’s prime minister mentioned there was no official agreement in spot in between the island nation and Phoenix Life Sciences.
In a statement sent to Westword, interim Phoenix Life Sciences CEO Janelle Marsden says that Tindall’s legal concerns “are of a private matter and are unrelated to Phoenix.”
As for the deal he’d trumpeted, negotiations are ongoing. “With regard to Vanuatu and the enterprise moving forward, it is company as usual,” Marsden says. “We strive to make sure that we function with the Republic of Vanuatu to present jobs by way of workforce expertise improvement, export possibilities and of course an enhanced healthcare option for the Ni Vanuatu population and other Pacific partners. There are, and generally will be, continued points of negotiation, but we are committed to function with the Republic of Vanuatu in the very best way forward for everybody.”