Suffolk County Sheriff Charged with Extortion Related to Cannabis Stocks
In a serious development, Suffolk County Sheriff Steven Tompkins is facing federal extortion charges. The U.S. Department of Justice announced this on August 8. The charge could lead to a prison sentence of up to 20 years.
The allegations state that Tompkins, aged 67, used his sheriff role to pressure a cannabis company into giving him discounted shares of its stock worth $50,000. Federal prosecutors claim that he threatened the business’s local Boston license if they did not comply.
U.S. Attorney Leah B. Foley mentioned that Tompkins’s alleged extortion began in mid-2020. The cannabis company needed to partner with the Suffolk County Sheriff’s Office to operate legally in Boston, as state law required them to participate in a rehabilitation program.
Tompkins reportedly learned that the company was preparing to go public. He insisted that an executive provide him with shares, reminding them of the sheriff’s office’s role in helping the company. The executive was left feeling pressured, fearing that Tompkins could jeopardize their business.
Tompkins’s $50,000 investment earned him nearly 29,000 shares when the stock was doing well, worth around $138,000 at its peak. However, when the stock value dropped in May 2022, he demanded a full refund of his investment. Authorities allege that despite the decline, the company executive reluctantly agreed to pay him back.
If convicted, Tompkins faces harsh penalties, including a possible prison term, supervised release, and hefty fines. The FBI’s Special Agent in Charge, Ted E. Docks, expressed disappointment regarding the allegations, highlighting the seriousness of the charges against Tompkins, labeling it as clear corruption under federal law.
