Carlos Boozer of Chicago Bulls files a lawsuit against InnoVida Holdings
Chicago Bulls forward, Carlos Boozer, has filed a lawsuit in Miami through his attorneys against InnoVida Holdings, alleging that businessman Claudio Osorio “fraudulently” and “maliciously” wasted a $1 million investment made by Boozer and his ex-wife Cindy Boozer in Osorio’s company, which manufactures components for affordable housing. The Bulls forward is not just suing InnoVida, but also it’s President Claudio Osorio along with his wife, Amarilis, who is the vice-president of the company and chief financial officer Craig Toll.
Boozer refused to comment about the case but his attorney David Nunez said that Boozer and his ex-wife invested the money in InnoVida Holdings, which builds low cost houses for disaster victims and needy people all over the world. He also told that, “This guy [Osorio] had an air of credibility. That’s how he was able to gain access to all these deep-pocket investors.”
The suit claims that Osorios lied to the Boozers as well as with the other celebrities. Osorios deceived them into investing, ‘‘to fund their plentiful and profligate lifestyle.’’ It also asserts that Osorio projected himself as having a, ‘‘wildly successful business track record’’ and stated that InnoVida was ‘‘revolutionizing the construction industry.’’ According to Boozer and his ex-wife Osorios promised them a 1,000 per cent profits from the venture that would also do good to disaster stricken areas. It was all ‘‘intentionally, maliciously, fraudulently misleading and false,’’ and the suit also includes that ‘‘InnoVida is a defendant to at least 14 known lawsuits, including a blanket lien on the operating factory’s assets.’’
At an event in January 2010, Osorio also announced that his company will provide shelter to earthquake victims in Haiti. Former NBA star Alonzo Mourning and retired General Wesley Clark were also in attendance.
According to attorney Nunez the lawsuit is "stayed", because the Osorios filed individual insolvency avers. He also said that the Osorios will come into court on Monday.
Things were totally different, back in 1997, when Osorio was considered an idol in the business world. He was named the "Entrepreneur of the Year," by the accounting firm Ernst & Young. He was famous for raising funds for orphanages and he also constructed a school in Haiti. Osorio began CHS back in 1983 in Venezuela. CHS collapsed due to "fraudulent mismanagement", because Osorio exaggerated the actual price in order to get loans and catch the fancy of investors. When CHS was at its zenith, the company brought in revenues of over eight billion US dollars.
Swedish authorities are also following the case against the Claudio Osorio, former founder of CHS Electronics. He is accused of cheating $220 million worth of investors and running away, as troubles started escalating.
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