‘Shark Tank’ Kevin O’Leary, Kevin Harrington Sued for Fraud
Shark Tank star Kevin O’leary and former star Kevin Harrington are being sued over allegedly running an investment scam that left a number of hopepful entrepreneurs out of hundreds of thousands of dollars.
According to court documents obtained by ET, both O’Leary and Harrington are facing allegations of defrauding a number of entrepreneurs by using “fictional executives, false promises of financial success, and even illusions of being on the show Shark Tank itself.” The plaintiffs claim that the two businessmen convinced hopeful entrepreneurs to hire either InventureX and Ideazon— which are operated by Harrington and endorsed by O’Leary— in exchange for crowd funding help.
However, the plaintiffs argue that once they invested in either of the companies, the promises of financial resources were never delivered. “These companies turned out to be nothing less than facades designed to lure in unsuspecting victims, extract their money and then virtually disappear under the guise of delays, minimal to no performance, and no results,” read the lawsuit, which was filed by at least 20 entrepreneurs.
The plaintiffs claim that their financial losses are upwards of hundreds of thousands of dollars per investor. In exchange, the affected entrepreneurs are asking O’Leary and Harrington to cover the costs of their damages, emotional distress, and all associated legal fees.
In response to the claim, O’Leary alleges that his name and likeness were obtained without his approval. “It appears that someone has been using my name and likeness without my knowledge, permission, or consent,” the Shark Tank star said via a statement by his attorney. “I’ve never heard of any of these purported companies and have never conducted business with any of the plaintiffs who filed this suit. Obviously, I want to get to the bottom of it too, as my rights have been violated. We will make sure that the bad actors are held accountable.”
Information for this briefing was found via ET. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.