In deep waters. Shark Tank stars Kevin O’Leary and Kevin Harrington are reportedly being sued for fraud.
The two business moguls are facing accusations from over 20 alleged victims who claim they were scammed out of millions.
According to court documents obtained by Radar, the two TV personalities set up a “diabolical and brazen scam to defraud what is believed to be hundreds, if not thousands, of innocent, hard-working entrepreneurs out of their last dollar.”
The lawsuit claimed that O’Leary and Harrington made “false promises of financial success,” and even used their hit reality show to give entrepreneurs “illusions of being on the show Shark Tank itself.”
The documents mention two companies endorsed by the reality stars — InventureX and Ideazon — which claim to supply crowdfunding assistance to businesses.
Victims reportedly paid the companies to get help for crowdfunding, which they allegedly never received.
Harrington is a “partner and primary executive of InventureX,” while the man known as Mr. Wonderful has endorsed the primary executives of both companies. The lawsuit claims that the InventureX and Ideazon may not even exist.
“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,” the documents stated.
The plaintiffs claim in the lawsuit that they “were lured by the involvement, endorsement and credibility of Shark Tank stars Kevin Harrington and Kevin O’Leary.”
“Relying on these Shark Tank powerhouses, Plaintiffs bought into the dream, paid their money, and then went through agonizing months, if not years, of frustration and distress of trying to get their products launched and businesses started with no results. Ultimately, once the scam was revealed, these victims spent more agonizing frustration trying to get their money back to receive just more lies and deception," the documents read.
As a result, plaintiffs are seeking a “reckoning” to make up for the “money lost, time wasted and dreams gone.”
The lawsuit asks O’Leary and Harrington to pay for damages, economic loss, emotional distress and legal fees.