Four people are suspects in the investigation.[1] Hassan Mohamed Soueid and Casey Anne Smith were arrested and face multiple felony charges, including money laundering, fraud and drug crimes.[1] Smith, the company’s former chief financial officer, was charged with money laundering, organized fraud and selling a controlled substance after a two-year investigation.[2] Smith, 41, of Boynton Beach, was held on more than $20 million bond.[2] Hassan Mohamed Soueid, 33, of Pompano Beach, was booked into the county’s Main Detention Center at 10:01 p.m. Oct. 28 on 11 felony counts.[3] Soueid faces charges including money laundering, conspiracy to commit money laundering, conspiracy to commit organized fraud and selling and conspiring to sell a controlled substance.[4] Soueid’s bond was set at $1,080,000.[4]
The company was said to have distributed highly concentrated marijuana products and laundered some $33 million.[1] Investigators said illegal proceeds paid for about $2.7 million across several Florida properties.[1] That included a $1.2 million Boynton Beach home and a $1 million condo unit in Pompano Beach.[1] One listed property is 4950 Glenn Pine Lane in Boynton Beach at $1.2 million.[1] Another is 1300 South Ocean Boulevard #702 in Pompano Beach at $1 million.[1] The group used a series of front companies to launder money and create the appearance of a legitimate business.[1]
Investigators allege the company marketed hemp-derived products as legal alternatives while selling products with intoxicating levels of THC.[4] Detectives say the products were sold as legal hemp but were not.[2] Investigators allege the company sold vapes, concentrates and other products marketed as legal hemp that contained THC above the state limit.[3] Six items bought undercover from the company’s website in February 2025 all tested above 1% delta-9 THC.[2] The affidavit lists business locations in Delray Beach, Oklahoma and Texas and says the company repackaged hemp and THC products under its own brand before distributing them.[4] The affidavit also lists Michael Carey Ives, 33, and Jonathan Enaldo Zelaya, 31, as co-defendants.[3]
Michael Carey Ives, 33, the CEO of Delray Beach hemp company Not Your Bakery LLC, faces 11 felony counts in the Palm Beach County Sheriff’s Office case and was held without bond on five money-laundering and fraud counts.[5][6] The charges against Ives include money laundering over $100,000, conspiracy to commit organized fraud over $50,000 and selling a Schedule I controlled substance.[5] Ives was held without bond on five of the money laundering charges as of early Saturday, 7 November.[5]
Investigators allege Not Your Bakery generated more than $32 million in criminal proceeds during 2024 and 2025 while reporting significantly less revenue to the state.[6] Financial records showed about $4.2 million transferred from Not Your Bakery to Carey Ives LLC, which Ives owns, plus nearly $969,000 paid directly to him.[6] The investigation began in 2024 after deputies intercepted shipments containing high-potency THC products, and undercover purchases and laboratory tests showed products with THC above Florida’s legal hemp limit, investigators said.[6]
Ives and co-defendant Casey Anne Smith bought a $1.2 million Boynton Beach home in 2024, according to the affidavit.[6] Investigators also identified a $340,000 property interest in Briny Breezes and a $369,000 property purchase in Costa Rica.[6] Investigators cited a January 2025 text in which Ives claimed the business had generated $2 million in sales in a single month.[6]
According to the Palm Beach County Sheriff’s Office probable-cause affidavit, Ives faces 11 charges, including using a communication device to facilitate a felony.[6] Investigators alleged the money helped fund a lavish lifestyle including real estate, vehicles and a boat.[6] In a January 2025 text cited in the affidavit, Ives wrote “Who knew we could pick up the phone and sell weed nationwide one day lol”.[6]
