As of recently, I've had an addiction to watching "Shark Tank"! It just satisfies my soul to learn about new products and companies. My husband and myself like to look them up and see what happens to the businesses after they appear on the show. We've been watching earlier seasons of it. I believe we're currently on season six or something like that. So, I was really shocked to hear a story like this... A man, who used a product that appeared on the show, is found guilty and IS going to prison for taking investor money for personal use instead of using it to 'advance' the product.
A liquor distributor that worked in relation to a product that was pitched on the ABC series has been sentenced to two years in prison after using money from investors to pay for his own bills. Joseph Falcone had business related to a wine-in-a-cup pitch on the show and leveraged that television appearance to get money from investors. He told them he'd use those investments to further the success of the product, the reports.
When the wine-in-a-cup concept was pitched on Shark Tank, it revolved around a single serving of wine in a plastic glass with a resealable lid. The concept was pitched as something individuals could enjoy at their own pace. At one point, Kevin O’Leary, also known as "Mr. Wonderful," was interested in investing, but was unable to agree on terms of the partnership.
That is crazy! So HE wasn't even on the show and used the success of the product and the product appearance for his own personal gain of investment money. I mean, I guess if you're desperate at the time, I just don't think this was the best idea.