on Friday, October 30, 2009. The lawsuit was filed in the Orange County Courthouse accusing John Garcia of Breach of Contract, Breach of Fiduciary Duty, and Securities Fraud (fraudulent misrepresentations in connection with the sale of securities).The complaint was filed by an investor in Innovateur.
Garcia claimed that he generated for Angel Strategies investors a 58% internal rate of return each year for ten years from 1998 through 2008. He claimed that Angel Strategies was an early investor in Krispy Kreme. This is fall-out-of-your-chair funny when one learns that Krispy Kreme was founded in 1937. He claimed that Angel Strategies was an early investor in Broadcom. A record search produces no evidence of this. He claimed he was on the Board of Governors at Chapman College, and now it seems that no one at Chapman knows John Garcia.
All of these lies and more are part of the John Garcia sales pitch, and when he was not able to provide paperwork to verify these claims, this particular investor sued. Keep in mind that the former partners in Innovateur removed Garcia from leadership and are now suing him.
