Beverly biotech company sued over alleged 'Ponzi scheme'
BEVERLY — A drug development company in Beverly has been accused of operating a 'Ponzi scheme' by using cash and machinery from a client to fund it...
BEVERLY — A drug development company in Beverly has been accused of operating a 'Ponzi scheme' by using cash and machinery from a client to fund its own projects. A lawsuit filed in Salem Superior Court claims The Salzman Group took hundreds of thousands of dollars from a New Jersey-based hemp distributor to produce hemp and cannabinoid products but failed to live up to their agreement. The distributor, Delta Technologies, said The Salzman Group's actions amounted to a 'Ponzi scheme' that cost Delta more than $700,000 in cash and machinery that it invested in the failed projects.