A Seattle cannabis farm owner has been accused of operating a Ponzi scheme that took in $4.85 million from at least two dozen investors in Washington, Arizona, California and Texas.

60-year-old Robert Russell of Duvall has been charged by the Securities and Exchange Commission with violations of federal securities law.

They say investors were enticed by promises of enormous profits, while Russell and partner Guy Scott Griffithe spent $3.5 million on luxury items including cars and a yacht.