The man who served as Ronald Reagan’s Secretary of Defense has launched a suit against a man he claims swindled him into investing millions in defective technology. Frank Carlucci, who also spent time as a CIA executive, is suing Florida company Envion for breach of contract after the company’s owner allegedly gave misleading information to Carlucci about the nature of his company’s product. Carlucci claims he invested more than $32 million in Envion before realizing the fraud.
The complaint was first filed in Florida court in April of last year, in which Carlucci alleged that the owner of Envion had approached him several years earlier with technology designed to turn waste plastic into oil. Carlucci claims he was told the technology was patented and that several key political figures including former presidents Bill Clinton and George W. Bush were slated to invest in the company. Carlucci was allegedly promised a return on his investment to the tune of 50 times what was originally invested.
An investigation revealed not only did Envion not hold the patents they claimed to, but no backlog orders for the supposed oil generators existed either. Further, there had been no contact between the company and the alleged high-profile investors. Finally, requests to audit the company were denied. Carlucci was awarded a $37 million settlement by an out-of-state judge, and he now seeks to ratify that agreement in Envion’s home state of Florida.
Many view a breach of contract as reprehensible in terms of business conduct. It is possible for anyone to be lured by the prospect of greater returns on an investment only to be disappointed by a dishonest business. In these cases it can be extremely helpful to seek additional support in identifying the particulars of business law in Florida or elsewhere in order to ensure an equitable solution is reached.
Source: Courthouse New Service, “Frank Carlucci Demands His $37 Million,” Iulia Filip, May 30, 2013