Kevin O’Leary and Kevin Harrington from Shark Tank are being accused of defrauding entrepreneurs in a lawsuit filed by 20 people.
The suit alleges O’Leary and Harrington would try to persuade investors and entrepreneurs to hire either InventureX or Ideazon to assist with the crowdfunding efforts of their startups. These perspective clients were also enticed by the possibility of appearing on a future episode of Shark Tank, if they were to join one of their endorsed ventures. However, these people were allegedly left with little to nothing to show for their financial commitment.
According to documents obtained by Radar Online, “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 lawsuit suspects these companies backed by O’Leary and Harrington may not even exist, and be part of a “predatory fraud scheme.” A deeper look at InventureX and Ideazon revealed “they used the same success stories, same percentage rates of success, same marketing/promotional ideas, same promises/representations, same agreements, same bank accounts and one entity pulling both their strings: Defendant Crowdfund, LLC.”
Meanwhile, the 20 people currently attached to the suit represent a small portion of those who feel like they have been duped. In fact, TMZ reports the alleged victims could be anywhere from the hundreds to the thousands.
We don’t know if Kevin and Kevin are guilty, but what we do know is that people don’t become billionaires without screwing some other people over.