A man who won backing from Peter Jones and Theo Paphitis on the BBC Dragons’ Den was charged with fraud and jailed for two years and eight months.
Jean-Claude Baumgartner duped the dragons claiming he had the sole rights to a ‘satnav for skiers’ and when he received the investment he blew it on himself instead of investing it in the business. I am quite shocked by the brazen and very public nature of this man’s deceit. Imagine going on Auntie and lying!! A couple of extra months inside just for that!
In his defence Baumgartner claimed the business went bust as he was not given the support and expertise he was promised but investors became suspicious and uncovered the fraud after an accounts investigation.
I don’t understand the energy fraudsters waste on committing crime and not using it positively. Apparently the technology genuinely has potential and Baumgartner bought the sole rights after he received the investment and could have enjoyed much more that £230,000 over many years.
Bubbly
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