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Killa Beez wants its money back from Left Coast Financial Services | How to order Skittles Moonrock online

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Fintech Left Coast founder Nicholas Rupp claims City Trust Bank has frozen the funds, not the payment platform.

Oregon-based cannabis company Killa Beez wants the $127,000 it deposited with cannabis bank Left Coast Financial Services – and now it’s adding the company’s executives to the lawsuit in an effort to collect.

However, the executives are pushing back, with one saying he isn’t responsible even though he was a founder – suggesting that founders have no legal standing.

Left Coast (LCFS), which is based in Oregon, is described as a licensed money transmitter and not a bank. The company marketed itself as a neobank – meaning it had no physical location – but it served as an online payment platform for cannabis companies.

Neobanks are not chartered by the federal Office of the Comptroller of the Currency and do not have bank licenses. They are considered fintech companies and often align with traditional banks.

Killa Beez and Kevin Wong, a principal with the company, said they deposited $126,994.02 with LFCS in February 2022. In November 2022, Wong told LFCS that he planned to make a withdrawal, but the check for $30,000 check was returned for insufficient funds, according to the complaint.

Wong then called LFCS’s Casey Nye-Harrington and Daniel Herrington to tell them what happened and asked the company to reissue the check. The second check bounced as well.

When Wong tried to contact the Herringtons about the second bounced check, they told him they were no longer with LFCS. The two resigned and returned all their ownership shares to the company. Killa Beez then tried to write a check to Eagle Valley Farms, one of its suppliers, as payment for a purchase. That check was also returned for insufficient funds.

Wong and Killa Beez said their funds remain inaccessible.

The cannabis company is suing LFCS, Nye-Harrington, Herrington and Nicholas Rupp, one of the bank’s founders, among others.

Rupp denies responsibility

In a motion filed this week, Rupp asked to be dismissed from the case, claiming that just because he was a founder and a director of LFCS, he wasn’t personally responsible.

“To begin with, it is not clear what it means to be, or what legal import arises from being, a ‘founder’ in the complaint,” the motion read.

Rupp said he didn’t have any interactions with Killa Beez or Wong, meaning he has no personal liability in this case. He also claimed that Killa Beez’s contract was with the company, not individuals associated with it.

In addition, Rupp said he was not enriched by the missing money, as Killa Beez alleges, and that the company he helped establish has no responsibility regarding the deposits.

The case asserts: “A relationship between a ‘depositor’ and an entity that allegedly held those deposits is not a special relationship.”

Instead, Rupp described the relationship as one of a debtor and a creditor. Rupp also argued that there was no fraud or Racketeer Influenced and Corrupt Organizations Act (RICO) activity, because Killa Beez didn’t show a pattern of bad behavior.

Rupp went on to claim that he stepped in after the funds were frozen to bring the company back into compliance with the licensing authorities and return the deposits. He claimed that City Trust Bank has the money and wouldn’t return it despite his efforts. City Trust is not included in the complaint.

The Portland Business Journal reported in 2023 that regulators suspended Left Coast Financial Solutions and that hundreds of thousands of dollars are unaccounted for.

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