American Greed: Scams, Scoundrels and Scandals Season 7 Episode 1 Shipwrecked

American Greed: Scams, Scoundrels and Scandals season 7 episode 1, "Shipwrecked," takes the viewers on a journey of greed, deception, and fraudulence. The episode showcases the story of a fraudulent marine business that promises its clients a luxurious boating experience but ends up leaving them shipwrecked.

The episode introduces Kevin O'Leary, a prominent businessman and TV personality famous for his 'Shark Tank' show. O'Leary invested in a company called Terramar, which promised its clients a luxurious boating experience through fractional boat ownership. However, the company's reality was far from its promises, and O'Leary soon discovered that he was a victim of a huge scam.

The Terramar scheme was run by two scammers, Paul Smulders and Kirby Brown, who lured the investors by presenting a unique business model. The company bought and refurbished luxury boats, divided them into shares, and sold them to investors who were promised full-time yacht benefits at a fraction of the cost. The company even went to the extent of presenting a brochure with pictures of luxurious yacht vacations, and each share was valued at $35,000.

The company managed to raise $15 million from various investors, including O'Leary. However, as the company started to expand, its flaws became more apparent, and the investors started to question the legitimacy of the business.

The episode takes the viewers through various key players in the case, including Kevin O'Leary, who was one of the main investors in the company. O'Leary was also instrumental in bringing the scam to light and was the first to file a lawsuit against the founders.

The episode also highlights the clever tactics used by the duo to keep their investors at bay. The founders used the boats purchased by the investors for personal use and even sold off some of the boats to make quick cash. The founders also subleased the boats to various clients, further confusing the investors about their investment returns.

As the Terramar scheme fell apart, the founders attempted to cover up their misdeeds by creating new companies that promised the same type of investment opportunity. However, once the investors caught onto their tricks, they decided to come forward and file a lawsuit. The legal battle lasted for over five years, with the founders finally getting arrested and found guilty of wire fraud and securities fraud.

In the end, the episode serves as a cautionary tale about trusting financial promises and investing without proper due diligence. The episode leaves a lasting impact on the viewers as they witness the destruction of the lives of innocent investors by the greed and manipulation of a few scammers.

In summary, American Greed: Scams Scoundrels and Scandals season 7 episode 1, "Shipwrecked," paints a vivid picture of how greed and deception can destroy innocent people's lives. The episode showcases the journey of investors who believed in the Terramar scheme and the hurdles they had to face when the scam was finally uncovered. The episode is a must-watch for anyone interested in financial frauds and their repercussions on victims.