Frank Carlucci, who served as secretary of defense under President Ronald Reagan, is seeking to enforce a $37 million judgment against a man who induced him to invest in his company by falsely claiming he had a patent for turning plastic back into crude oil.
The 82-year-old Carlucci sued Michael Han and his company, Envion, in federal court to recover his $32 million investment in the company, which is based in West Palm Beach, Fla., reports Courthouse News Service.
Carlucci claimed in an April 2012 lawsuit that Han closed the company's Washington D.C. headquarters and moved it to Florida after Carlucci invested more than $32 million in Envion — money that Carlucci claimed was spent on a lavish $3.5 million home in Palm Beach, Fla. and on Han’s $5 million annual salary.
Carlucci became suspicious of Envion in 2012 and learned that Envion did not own any patent, and that the company did not have deals with major companies, or an "all-star list" of investors, according to the publication.
The U.K.’s Daily Mail
reports that Han further enticed Carlucci by dropping names such as Warren Buffett, Bill Gates, and Morgan Stanley as potential investors in the company while he said that Brazil’s Petrobras and Russia’s Gazprom were set to buy the oil that would be produced by Envion from plastic.
“During these same meetings, Mr. Han also falsely represented that former President Bill Clinton had agreed to become affiliated with Envion, possibly as a member of its board of directors, and that he had communicated with former President George W. Bush, who was interested in investing in Envion as well,” according to Carlucci’s complaint, the Mail reported.
A federal judge in Alexandria, Va. awarded Carlucci the $37 million judgment in April for violations of the Virginia Securities Act, breach of contract, interest and attorneys’ fees, said Courthouse News Service.
Carlucci, who has not spoken publicly on the ruling, also served as President Reagan’s national security adviser and as deputy director of the CIA under President Jimmy Carter. Before that he served as director of the Office of Economic Opportunity under President Richard Nixon.
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