Three well-known figures in the performance-boating community have filed a $11 million lawsuit Derek Wachob, Global Source Recycling LLC, Paragon Industries and several additional companies related to the Oklahoma-based businessman. The suit was filed November in the District Court of Tulsa County (Okla.) by Arizona’s Mark Schouten, Jacob Nossaman of Oklahoma and Texan Zane Mead.
In addition to being plaintiffs in the new lawsuit, Schouten, Nossaman and Mead own performance boats from MTI. Photo by Tom Leigh copyright Tommy Gun Images.
The three-plaintiff complaint is the second such lawsuit to arise against Wachob and his businesses to arise from the high-performance powerboating community. Filed in the Southern District of Florida, the first suit was lawsuit was bought by former Cigarette Racing Team owner and chief executive officer Skip Braver and his son, Chad. The Bravers are seeking more than $30 million from the defendant
Each plaintiff initially invested $3 million, and Schouten later invested another $2 million. Wachob was to invest another $3 million in the steel purchase, though according to the complaint that investment was never made.
Despite demand from the plaintiffs, according to the lawsuit, the defendants “have failed and refused to either show proof the investment was legitimate or return the invested funds to the plaintiffs.
The plaintiffs further allege in their lawsuit further alleges, as did the Bravers in their complaint, that the defendant used their funds to finance his “lavish” lifestyle, “which has continued unabated,” that included two private jets, two helicopters. four luxury yachts and “at least 50” luxury and classic automobiles.
“We are all businessmen,” said Mead. “We can handle legitimate businesses losses. But we do not like being deceived and ripped off, especially by a longtime friend.”
