Scooter Braun sued over failed venture

Music exec Scooter Braun, finest identified for his ugly public spat with Taylor Swift, lured a high-flying financier right into a dead-end job by name-dropping stars like Kanye West, in accordance with a brand new lawsuit. 

Former Goldman Sachs associate Peter Comisar says Braun duped him into leaving his profitable gig at Guggenheim Securities by promising him a job on the high of a brand new boutique funding agency that he claimed can be backed by media titans like Apple’s Jimmy Iovine, Hollywood magnate David Geffen in addition to the billionaire Soros household.

“Braun, by all outward appearance, was the real deal,” the lawsuit stated. But when it got here time to safe funding from his high-powered buddies, he turned out to be a “sheep in wolves clothing,” the swimsuit stated.

Taylor Swift
Taylor Swift
Getty Images for MTV

Comisar’s Los Angeles state courtroom lawsuit alleges that Braun “aggressively courted” him from 2016 to 2017 to launch Scope Capital Partners along with enterprise supervisor David Bolno. 

According to courtroom papers, the courtship kicked off in 2016 with Bolno touting Braun’s success “reigniting Calvin Klein underwear through a campaign with Justin Bieber and creating the Yeezy brand for Kanye West.”

The courtship hit a fever pitch in 2017 when the slick Hollywood supervisor behind singers like Ariana Grande, Demi Lovato and Carly Rae Jepsen “personally executed contractual commitments to support the new venture,” the lawsuit claims.

The contract dedicated Braun to a $7-million-a-year working expense for Scope over three years, together with a $3-million-a-year wage for Comisar, the swimsuit stated. 

In luring Comisar, Braun allegedly boasted that he might increase between $500 million and $700 million from “close friends” like Iovine, Geffen and the media and leisure scion Haim Saban. He additionally identify dropped billionaires like Soros, Mittal and Reuben households, the swimsuit says.

To show his connections, Braun went as far as to explain Geffen, the Hollywood bigwig behind Dreamworks and cult movies like “Beetlejuice” and “Risky Business,” as his “godfather,” courtroom papers say.

David Geffen
David Geffen was touted by Braun as a possible investor in Scope, in accordance with the lawsuit.
Imeh Akpanudosen

But these traders by no means panned out, the swimsuit stated.

“Braun had to explain to Comisar, tail between his legs, how he had asked David Geffen, his supposed Godfather, to invest in Scope, only to be told by Geffen that he did not view Braun as someone with whom Geffen would invest.”

Braun allegedly received “the same brush-off from Jimmy Iovine, Haim Saban and the Reuben Soros and Mittal families.”

“The truth was that Braun’s relations valued him as someone to socialize with, but to whom they could never and trust their millions,” the lawsuit claimed. “When it came to fundraising, Braun turned out to be a sheep in wolves clothing.”

Music producer Jimmy Iovine.
Music producer Jimmy Iovine was a part of a bunch of Scope traders cited by Braun, the lawsuit stated.
REUTERS

Behind the scenes, in the meantime, Braun was allegedly double-dealing Comisar with non-public fairness titan Carlyle Group to put money into his Ithaca Holdings, which has since been bought, in a deal that will permit him to make the identical sort of leisure and client house investments that have been to be the main focus at Scope, the lawsuit claims.

Because Scope’s non-public fairness technique was in “direct conflict” with Carlyle’s deal, his contact was nullified, he claims. By April 2018, the previous expertise supervisor stopped funding Scope and paying Comisar’s wage. 

Comisar is in search of $50 million in compensatory damages plus unspecific punitive damages in what quantities to a breach of contract swimsuit in opposition to Braun, Bolno, Ithaca and Scope.

The lawsuit claims Bolno later instructed Comisar that “people in the entertainment industry do not honor their contractual obligations” and that if Comisar determined to go after them for breach of contract, “Braun would trash Comisar’s pristine reputation” and “ruin him financially.”

The swimsuit says that Bolno threatened Comisar, telling him that “Braun is an expert in the media and would destroy his reputation in a press and litigation process.”

Braun and Bolno additionally individually had conversations with Comisar alluding to a “smear campaign” wherein they’d assert that the Wall Street veteran had been fired from his associate job at Goldman and that his profession had come to an finish at Guggenheim, each of which aren’t true, the swimsuit says. 

Comisar formally put Braun and Bolno on discover that they breached his contract, and never lengthy after that, courtroom papers stated that the duo “falsely accused” Comisar of racism as a “predicate for his removal.” The swimsuit didn’t spell out the racism declare. 

The lawsuit claims that Carlyle’s acquisition for a slice of Ithaca closed mere months after the formation of Scope, and included a $100 million for investments and acquisitions.

Braun after all has a historical past with Carlyle, which helped Ithaca purchase the rights to Swift’s outdated music. That deal attracted the wrath of the “Shake it Off” singer who called out the investment bank and different Braun backers at a Hollywood awards present in 2019.

In April, Braun bought Ithaca to South Korea leisure big HYPBE, which is dwelling to boy band BTS, for $1 billion.

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