Shark Tank’s Kevin O’Leary and former Kevin Harrington named in fraud lawsuit against crowdfunding startups

The ABC’s Shark Tank’s Kevin O’Leary and Kevin Harrington have been named in a lawsuit against 20 people accusing them of promoting a “predatory fraud scheme” involving crowdfunding startups.

O’Leary, 67, and Harrington, 64, are accused of misleading entrepreneurs into investing in a pair of crowdfunding-based companies named Ideazon and InventureX, according to legal documents reviewed by TMZ.

The 20 people in court claim that O’Leary and Harrington have said they could be listed on Shark Tank for their investments, but nothing has worked.

The latest: Kevin O’Leary, 67, and Kevin Harrington, 64, of ABC’s Shark Tank have been named in a 20-person lawsuit accusing them of promoting a “predatory fraud scheme “involving startups focused on crowdfunding

The plaintiffs called the investment a “diabolical and brazen scam to defraud what are believed to be hundreds if not thousands of innocent, hardworking entrepreneurs with their last dollar” in their legal complaint, Radar reported.

Ideazon and InventureX “turned out to be nothing less than facades designed to lure unsuspecting victims, extract money from them and then virtually disappear under the guise of delays, minimal to no performance and no results,” said the plaintiffs said in their legal complaint, according to the outlet.

The legal complaint said the investors “were drawn to the involvement, endorsement and credibility” of television personalities and “bought the dream, paid their money, and then went through months, if not years,” frustration and distress of trying to launch their products and start businesses with no results. ‘

The plaintiffs said in legal documents that their efforts to recover the money had led to “excruciating frustration” as they were subjected to “more lies and deception … money wasted, time wasted and dreams gone. “.

O’Leary (center) appears on Shark Tank with (LR) Mark Cuban, Barbara Corcoran, Lori Greiner, Daymond John

O’Leary, from Montreal, was seen on the ABC series from 2009 to 2021

O’Leary appeared in a video to promote the investments, the plaintiffs said, because he is a “partner and chief executive” of InventureX and “endorsed the chief executives of both companies in the scam.”

O’Leary, from Montreal, has been seen on the ABC series since 2009, while Harrington, from Cincinnati, was seen on the show during its first two seasons.

The business reality contest also features entrepreneurs such as Daymond John, Robert Herjavec, Mark Cuban, Barbara Corcoran and Lori Greiner.