DELRAY BEACH THC COMPANY CFO HELD ON $20M BOND, MASSIVE INVESTIGATION

CASEY SMITH IN CUSTODY. OTHERS NAMED. READ THE ARREST REPORT.

DELRAY BEACH, FL (BocaNewsNow.com) (Copyright © 2026 MetroDesk Media, LLC) — The former chief financial officer of a Delray Beach hemp company is charged with money laundering, organized fraud and selling a controlled substance after a two-year Palm Beach County Sheriff’s Office investigation into what detectives call a nationwide THC distribution network.

Casey Anne Smith, 41, of Boynton Beach, is being held on more than $20-Million Bond. She faces 12 counts related to drugs and fraud following her arrest by the Palm Beach County Sheriff’s Office which took part in a multi-month investigation.

The sworn probable cause affidavit also names three co-defendants: Michael Carey Ives, 33; Hassan Mohamed Soueid, 33; and Jonathan Enaldo Zelaya, 31. All are tied to Not Your Bakery LLC, which sold vapes, gummies and concentrates under the “Jelly” brand from warehouses on NW 17th Avenue in Delray Beach and, more recently, Edmond, Oklahoma. Court records reviewed by BocaNewsNow.com do not indicate that the three men have been arrested.

Detectives say the products were sold as legal hemp but weren’t. Six items bought undercover from the company’s website in February 2025 all tested above 1% delta-9 THC, more than three times the 0.3% limit for hemp. Agencies in Jacksonville, Oklahoma City and Rankin County, Mississippi, seized more than 8,000 pounds of company-branded product shipped on freight pallets, often labeled as candy or “food stuff.”

A forensic accountant working with investigators found the company took in about $16.9 million in net deposits in 2024 and $21 million in 2025, while reporting gross sales of roughly $2.6 million and $3.3 million on its Florida sales tax returns. The analysis labels about $32 million as criminal proceeds.

In a January 2025 text cited in the affidavit, Ives allegedly told a vendor the business “hit 2 mill in sales last month.” State records show the company reported about $633,000 in sales for the entire previous quarter.

Investigators allege the owners funneled millions through personal companies with no real operations of their own, including Carey Ives LLC, Soueid Inc. and Smith’s BKBillie LLC. The affidavit seeks forfeiture of a Cadillac Escalade, a Chevrolet Tahoe, a Blackfin boat and trailer, a $1.225 million Boynton Beach home, a $1 million Pompano Beach condo and other property.

Texts pulled through search warrants are quoted throughout. In one, Ives allegedly wrote, “who knew we could pick up the phone and sell weed nationwide one day.” After JPMorgan Chase closed the company’s accounts in November 2025 over “suspicious activity,” Ives allegedly urged Smith to move company money to Vanguard and said he had already moved $460,000.

Smith cut ties with the company in July 2026 and was formally terminated July 13, according to the affidavit. Detectives found an unsent draft letter in her email withdrawing her 10% stake, citing in part “management’s decision to market products which are not legal.” Investigators point to that letter as backing up their case.

Smith is charged with money laundering over $100,000, organized fraud over $50,000, sale of a Schedule I controlled substance, owning or leasing a structure used for drug sales, and using a two-way communication device to facilitate a felony, along with conspiracy counts for each. She also faces a separate tax case in Pennsylvania tied to the business, according to the affidavit which we have published, below.

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