Two investors from the Shark Tank show, Kevin O’Leary and Kevin Harrington, will soon head to court, and the accusations are pretty serious. However, as you might have imagine, the two have already to the allegations…
Shark Tank’s Businessmen In Danger
That’s right, Shark Tank‘s stars Kevin O’Leary and Kevin Harrington have been accused of fraud. The two businessmen became worldwide phenomena after appearing on the hit investing television program. Now, however, a lawsuit filed by 20 people across the United States claims that the two investors have been accused of scamming hopeful entrepreneurs.
Specifically, Harrington and O’Leary are accused of employing a “predatory fraud scheme to induce inventors and entrepreneurs to hire one of two companies, InventureX or Ideazon.” Afterward, the suing entrepreneurs claim they were “promised that they would receive help with crowd funding to start their businesses” – but only after investing their own financial resources into the companies.
Then, after entrepreneurs paid Ideazon and InventureX, they claim they did not receive the help promised. Some of the people suing think that the companies might not even exist! Apparently, their losses are in the thousands of dollars per plaintiff. How do Harrington and O’Leary fit it? Well, according to the lawsuit documents, Harrington is “a partner and primary executive of InventureX,” and O’Leary allegedly “endorsed and recommended” the two companies.
Now, Kevin O’Leary and Kevin Harrington have responded to the claims…
Kevin O’Leary And Kevin Harrington’s Response
O’Leary denies the claim. “It appears that someone has been using my name and likeness without my knowledge, permission, or consent,” O’Leary stated through his attorney Andrew Brettler. “I’ve never heard of any of these purported companies and have never conducted business with any of the plaintiffs who filed this suit.” The Shark Tank star also promised to get to the bottom of things, swearing those who lied would be caught and held accountable.
Harrington, on the other hand, didn’t deny the existence of the companies. His attorney said that while he appeared in an InventureX promo video, that’s as far as their connection goes. “It has come to our attention that Kevin Harrington has been accused of various false allegations regarding a recent lawsuit,” Harrington’s attorney said. “Kevin has been a proponent of entrepreneurs globally. Kevin never had any business arrangement or contract with any of the Plaintiffs…This should be a dispute between the Plaintiffs and InventureX. Kevin simply did a video for this Company. Kevin is disturbed by the accusations and has been taken advantage of as a businessman. Kevin intends to pursue each and every person accountable and will defend the allegations contained in this complaint vigorously.”
It is currently unknown when the lawsuit will head to court, but expect both Harrington and O’Leary to fight it every step of the way. Keep an eye here on The Finance Chatter to see how the lawsuit turns out!
Sources: Entertainment Tonight via MSN, Page Six, TMZ.