CBS News 8 reported that "it is unknown why 33-year-old Michael Llamas was going so fast in a lime green Lamborghini - firefighters say he was going well over 100 miles per hour."The woman that was in the car with Llamas "was ejected, and rushed to the hospital."
This news has not hurt shares of MJNA on the OTC markets, as the company is up big so far on the week.
Llamas and MJNA
According to Bloomberg, "Llamas served as the Chief Executive Officer and Interim President at Medical Marijuana, Inc. until September 2012." It's no wonder he left the company when he did, because an article from February 15th, 2013 on Seeking Alpha mentions that Llamas was "Under indictment for 19 Counts of Mail Fraud and 31 Counts of Wire Fraud in the Eastern District of California (Case 2:12-cr-00315)" and had "Extensive history of being named a defendant in civil litigation regarding mortgage shenanigans and other fraudulent behavior."
While this car crash is undoubtedly a tragedy, there were many prior investors holding serious grievances with Llamas due to the fraud cases mentioned above. There is even a blog devoted entirely "to victims of the Llamas family and their companies and schemes."
On the other hand, Medical Marijuana Inc. released a statement saying "The company has learned that Michael Llamas died in a traffic accident over the weekend in San Diego. The company mourns the loss of one of its visionary founders. Mr. Llamas was an incredible philanthropist and changed countless lives throughout the world."