Ex-'Rich Kids of Beverly Hills' star sued for operating Ponzi scheme
New York Post • • entertainment
Key Points:
- Brendan Fitzpatrick, former reality star of "Rich Kids of Beverly Hills," faces multiple lawsuits accusing him of orchestrating an $80 million Ponzi scheme through his company Carbonatik LLC, a purported Sri Lanka-based mining venture.
- Investors allege Carbonatik fabricated documents and promised unrealistic 120% returns, while no actual mining operations or assets existed, leading to significant financial losses for businessmen who invested hundreds of thousands of dollars.
- Investigations revealed that promised mining sites and warehouses in Tanzania and Sri Lanka were nonexistent, and funds were allegedly used to pay off earlier investors, characteristic of a classic Ponzi scheme.
- Fitzpatrick is also being sued for $74 million over a failed property development project in Greece, with additional lawsuits from creditors and service providers totaling millions more.
- Despite the allegations and legal battles, Fitzpatrick continues to display a lavish lifestyle in Palm Beach, maintaining a public image of wealth and prestige.
