Another Financial Scam for the Tea Party
Several years ago, when the Minutemen took the lead as the right-wing hate group, scams among their own kind were prevalent. Now that the Tea Party is the lead right-wing hate group, fraud and scams among their own kind are destroying themselves.
Although this was back in November 2011, the massive financial losses still linger as of today and for many years to come. During the height of the Tea Party in 2010 (not that it ever was that high), a California businessman tried to start a cable TV channel called Tea Party HD. He convinced (suckered) teabaggers across the nation for hundreds of thousands of dollars to start up his venue, promising Tea Party HD would grow substantially and make $19 million in three years.
Tea Party HD never came about. It failed big time, and in November 2011 TPM reports "TeaPartyHD.com is still active, though the blog for the site hasn’t been updated since November, 2010. The site includes a Tea Party Express channel, and a link to a contribute page for the TPX."
Now in 2012, TeaPartyHD.com and the failed business is down completely. The lawsuit details against the founders of Tea Party HD are as follows.
Tea Party HD was founded by Bill Hemrick and Anthony Loiacono in 2010, but Hemrick and the other complainants claim that Loiacono never put in his share into the project and used the rest of the funds as his “personal bank account.” The complaint says he used the money “to pay himself, his family members and his business, Heads & Tails Inc., ‘exorbitant rates’ for the few projects Tea Party HD undertook,” according to Brandon Gee of The Tennessean.
“The alleged purpose of Tea Party HD was to be the ‘world’s first HD provider of news about the Tea Party,’” the lawsuit states. “In reality it was an investment scheme to defraud politically conservative-minded citizens who support the Tea Party mission.”
Also listed in the suit are Howard Luartes, Reinhold Holtkamp, Melvin W. Martin, James Hearn and James Huffnagle, who say they invested a combined total of $287,500 in Tea Party HD, after Loiacono projected that the venture would make $19 million in three years. The suit requests $19 million in punitive damages and a return of the initial investments.
Hollywood Reporter provides more detail on how much each person lost.
One initial backer, Bill Hemrick, put up $60,000. Another investor, James Huffnagle, contributed $70,000. Three other individuals chipped in $35,000 each, and a sixth man contributed $17,500. All six are now plaintiffs in this lawsuit.I'm not angry at all to see scams like these destroy these right-wingers. A sucker is born every minute, and the bigger the scams they face, the bigger the laughs. But it sure is a source of real entertainment to see how stupid these right-wingers truly are, and how they are paying the price.