Former Cigarette Company Owner Braver And Son File $30 Million Suit Against Former Customer
The former owner and chief executive officer of Cigarette Racing Team in Opa-Locka, Fla., Skip Braver and his son, Chad, have filed a $30 million lawsuit against former client Derek Wachob and Global Source Recycling Company, LLC. The lawsuit was filed Monday in the Florida Southern District Court.
Chad Braver spearheaded the development of Project 515 sportboat released in 2018.
The suit alleges that Wachob, once considered a close friend by the Bravers, and Global Source Recycling Company enticed the Braver, who sold the high-performance powerboat company in 2021, and his son into a “fraudulent investment scheme” in rolled steel starting on November 8, 2023.
According to suit, “The Plaintiffs entrusted their funds to Defendants in connection with short term securities transactions in the form of investments in the purchase and sale of industrial rolled steel products that Defendants promised would yield quick returns. For each purchase transaction Plaintiffs invested in, Derek Wachob promised to match Plaintiffs’ investment dollar for dollar, which allegedly enabled Defendant, Global Source Recycling Company, LLC, to make 24 separate purchase transactions sourced solely by Defendants to purchase approximately 82,123 tons of industrial rolled steel valued in excess of $55 million from November 8, 2023, to August 16, 2024.
“Upon sale of the steel at Derek Wachob’s sole discretion, Defendants were supposed to return Plaintiffs’ funds invested, and split the profits made on the sales with Plaintiffs based on their amounts invested in 24 separate steel purchase transactions.”
Skip Braver sold Cigarette Racing Team in May 2021.
Though 22,000 tons of the steel in question have allegedly been sold to date, no payments have been made to the Bravers despite their multiple demands.
The lawsuit further alleges that the Wachob and Global Source Recycling used the Bravers’ investment to fund Wachob’s “lavish lifestyle,” which includes two private jet aircraft, two helicopters, four luxury yachts and “at least 50” luxury and classic automobiles.
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