A Boynton Beach man accused of helping run a nationwide THC distribution scheme is the third person arrested in an alleged $32 million Delray Beach operation, prosecutors say. Michael Carey Ives, 33, was taken into custody Friday in connection with a Delray Beach business, Not Your Bakery, accused of disguising illegal marijuana products as legal hemp while laundering millions through affiliated companies. Investigators say the business generated more than $32 million in criminal proceeds during 2024 and 2025, while reporting significantly less revenue to the state. A Palm Beach County Sheriff’s Office probable-cause affidavit alleges Ives received money through transfers totaling about $4.2 million from Not Your Bakery to Carey Ives LLC, along with nearly $969,000 paid directly to him. Authorities allege the funds helped pay for a lavish lifestyle that included real estate, vehicles and a boat. The affidavit says Ives, along with co-defendant Casey Anne Smith, purchased a $1.2 million home in Boynton Beach in 2024. Investigators also identified a $340,000 property interest in Briny Breezes and a $369,000 property purchase in Costa Rica. Police said the case began in 2024 after deputies intercepted shipments containing high-potency THC products. Undercover buys and lab testing, investigators say, found THC concentrations above Florida’s legal hemp limit. Authorities also cited text messages in which Ives allegedly acknowledged the company’s nationwide marijuana sales, including a January 2025 message claiming the business sold “weed nationwide.” Investigators also referenced a message in which Ives allegedly said the company generated $2 million in sales in a single month while reporting substantially less to Florida tax officials. Ives faces 11 charges, including money laundering, conspiracy to commit organized fraud, selling controlled substances and using a communication device to facilitate a felony. Smith was arrested first and charged in similar allegations, with bond set at $20 million. Hassan Mohamed Soueid, 33, was later arrested on comparable charges, with bond set at $1.08 million. Ives remains charged as the investigation continues, with the Sheriff’s Office alleging his role in the scheme described in the affidavit.