Embattled electrical power consume founder Jack Owoc, ousted from the management of his company less than a yr ago, now faces a lawsuit seeking far more than $100 million in damages for his allegedly reckless administration and use of company cash, mostly to fund actual estate discounts.
It was Owoc’s “boundless greed” and “self-dealing regime” that prompted the collapse of his once booming energy consume enterprise, Bang Electrical power, in accordance to the lawsuit. The liquidator of Very important Prescription drugs, Bang’s mum or dad organization, an power drink and dietary dietary supplement brand name Owoc launched in 1993, submitted the suit last month in the U.S. Individual bankruptcy Court’s Southern District of Florida, in accordance to court data. It implicates Owoc, his wife Meg Liz Owoc, son Jon Owoc, and associates Branden Shaw and David Runnebaum.
The criticism alleges, between other things, that Jack Owoc utilized Bang’s company funds as his “personal piggy lender,” for having to pay his taxes, getting a tiny island, renovating his residence and funding his eldest son’s serious estate enterprise. In the watch of the company’s finance director, Owoc assumed of his and the company’s lender accounts as “one and the similar,” the criticism states.
The suit alleges Owoc diverted $37.9 million in corporation resources to start Owoc Genuine Estate Business. Jack Owoc and Jon Owoc agreed the father would fund the acquisition of properties in South Florida, with management led by the son and his associates Shaw and Runnebaum. The agency purchased 13 houses in Fort Lauderdale, Jupiter, Southwest Ranches, Pompano Seashore and Delray Beach front, according to the match.
The complaint also alleges that Jack Owoc made use of $8.3 million in enterprise money to get the small island at 72100 Overseas Freeway in Islamorada, and to fund renovations of his former home at 16730 Stratford Court docket in Southwest Ranches, which he bought for $7.7 million in 2019.
Owoc, once explained by a comic as, “if Florida had been a individual,” is chronicled in the complaint as a “former higher school science teacher with no bona-fide scientific credentials.” Now in his 60s and sporting a tanned, bodybuilder physique, Owoc usually appears in his wife’s Owoc Family members YouTube video clips with their 5 younger small children, frequently dressed in vibrant shades and his gold chain bearing the Bang emblem.
Owoc was booted from his position as CEO and chief science officer in March. In September of 2022, Monster Vitality received a $293 million jury verdict in a fake advertising and marketing lawsuit it brought versus the business, which was fraudulently selling that its beverages contained the compound creatine. Bang and Crucial submitted for personal bankruptcy soon right after. At that issue, the organization was dealing with an further 63 pending or threatened lawsuits, according to this newest go well with. Monster purchased Crucial for $362 million in July, according to printed reports.
In October, Owoc and his spouse acquired a waterfront mansion in Fort Lauderdale for $40 million, a rate report for residential sales in Broward County. The mansion, stated in the lawsuit, is not specifically implicated in Owoc’s alleged self-working.
