North Haven Man, 47, Charged in $1.1 Million Cannabis Investment Scam

A North Haven man was arrested Feb. 25, 2026, on multiple felony charges after allegedly bilking investors out of more than $1.1 million through a fraudulent cannabis business venture, according to North Haven Police.

Eddie Fernandez, 47, of North Haven was charged with four counts of first-degree larceny, one count of second-degree larceny, one count of second-degree forgery, and five counts of securities fraud under Connecticut state law. He was released after posting a $200,000 bond and is scheduled to appear in Meriden Superior Court on March 12, 2026.

North Haven Investigation Began in March 2025

North Haven detectives opened the investigation on March 25, 2025, after receiving reports that investor funds had been misappropriated, authorities said. The probe ran for nearly a year before an arrest warrant was secured.

During the investigation, detectives conducted multiple interviews and executed search warrants before identifying Fernandez as the suspect responsible for collecting the fraudulent investment funds, according to police.

Fernandez was taken into custody on Feb. 25, 2026, approximately one year after the investigation began.

Scheme Presented as Legitimate Cannabis Venture

Fernandez allegedly approached investors and presented what appeared to be a legitimate cannabis business opportunity, according to police. He met directly with victims and collected more than $1.1 million in funds that were represented as investments in the business.

The funds were not invested as promised, police allege. The scheme spans multiple victims and involves a total of approximately $1.1 million in losses.

The charges reflect the scope of the alleged fraud: the four first-degree larceny counts and one second-degree larceny count address the theft of funds from individual victims, while the five counts of securities fraud reflect alleged violations of Connecticut's securities statutes, which regulate the offer and sale of investment opportunities. The forgery charge stems from documents produced in connection with the scheme.

First-degree larceny in Connecticut involves theft of property valued at more than $20,000 and is a Class B felony.

Cannabis Investment Scams on the Rise

The case fits a broader pattern of investment fraud tied to the legal cannabis industry. As marijuana legalization has expanded across Connecticut and other states, prosecutors and financial regulators have documented a rise in fraudulent investment schemes that exploit public interest in the emerging industry.

Connecticut legalized adult recreational cannabis use in 2021, and the regulated market has been rolling out since 2022. The prospect of entering the legal market has attracted legitimate investment but has also been used as a lure by scammers targeting individuals seeking early opportunities in the industry.

Connecticut's securities fraud statutes cover the fraudulent sale of investment contracts, including arrangements that are not formally registered as securities but function as investment agreements. The Connecticut Department of Banking oversees enforcement of those statutes.

North Haven Police have not released additional details about the number of investors affected, the specific documents alleged to have been forged, or the broader scope of the scheme beyond what was included in the initial announcement.

Fernandez is scheduled to appear in Meriden Superior Court on March 12, 2026. No statements from Fernandez or his legal representatives have been made public.

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