Litigation against Marcus Lemonis star of “The Profit,” exposes the unaired side of his business
LOS ANGELES–(BUSINESS WIRE)–Gerard Fox Law, P.C. announces that a series of lawsuits have been filed against Marcus Lemonis, TV personality for CNBC’s show “The Profit” alleging fraud, misconduct, and misuse of power through deceptive business practices.
The two complaints, filed by Marcus Lemonis’ former business partners, Nicolas Goureau and Stephanie Menkin allege that Lemonis fraudulently induced Goureau and Menkin to allow him to invest in their retail business in exchange for a capital investment and his expertise in hopes to grow their company. However, instead of trying to grow the company, Lemonis focused on making the company indebted to him so that he could control the company and its assets.
According to the complaints, brother and sister, Nicolas Goureau and Stephanie Menkin, were introduced to Lemonis when they appeared on his show “The Profit.” Lemonis agreed to invest in their retail brand, Courage.B, to grow the business and the brand in exchange for control and equity. However, Lemonis quickly forced the company to spend and incur debt upwards of hundreds of thousands of dollars. The complaints allege Lemonis engaged in business practices that purposefully destroyed their company: buying expensive inventory then forcing the company to sell it for pennies on the dollar, destroying profit margins, renovating and re-branding stores for hundreds of thousands of dollars, and Lemonis giving himself unbridled control and leverage to do whatever he wanted with the Company.
The complaints also allege that Lemonis convinced Goureau and Menkin to form another entity, ML Fashion LLC, to be an umbrella through which they, as partners, would invest in various retail businesses. However, Lemonis also drowned that entity in unnecessary debt, and used the company’s assets to push his own retail brand MARCUS.
As the complaints detail, Goureau and his sister Menkin, were the victims of a carefully orchestrated scheme by Lemonis and his alter ego entities to induce them to give Lemonis equity and control in their company and other entities, only to have Lemonis drown these companies in debt, take them over, remove Plaintiffs from the business, and push his own retail brand. The complaints seek millions of dollars in damages from Lemonis and his entities.
For more information and to read the complaints, go to: http://www.gerardfoxlaw.com/news/firm-news/gerard-fox-law-pc-announces-lawsuit-against-marcus-lemonis-tv-personality-of-the-profit-alleging-lemonis-uses-tv-show-to-bait-companies-into-his-web-of-fraud/
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