Seizing on the latest enforcement action involving the booming marijuana industry, federal securities regulators sent a broad warning Wednesday about the dangers of investing in an industry that faces an ever-present risk of criminal prosecution under Trump administration policies.

The U.S. Securities and Exchange Commission, announcing charges against a Texas-based investment fund and its founder, issued an alert that cited the Trump administration’s revocation of Obama-era guidance that largely said enforcers would keep their hands off cannabis companies operating legally under state law.

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