Woman Scammed on Dating Site Sues VC Principals

As a result, Bouguerba was left “holding nothing but blue sky,“ according to the suit. Instead, Bernier kept the money as a management fee for himself and for VentureMoney Management without investing it, the suit alleges.

The lawsuit is not limited to Bouguerba — the amended complaint alleges Bernier exchanged thousands of messages with more than 3,000 women over a two-year period. It encompasses in its charges Bernier and his affiliates, the officers and directors who allegedly “lent credibility to Bernier’s scheme by permitting him to exploit their names, faces and investment expertise in marketing materials and pitch books, which contained materially false and misleading information.”

In addition to Bernier and VentureMoney Management, the companies VMC Holdings LLC, Casco Bay Capital LLC and individuals Paul Turino, Alan Maiss, James Jalil, John Zoraian, Greg Zoraian, Greg Doyle, Paul Roben, Roger Rappoport, Nishal Mohan and Mario Diez are named as defendants.

The directors and officers “turned a blind eye and allowed Bernier to exploit their likenesses and reputations, which aided and abetted his illegal securities and investment advisory transactions,” according to the filed complaint. It notes they also would benefit through funds raised through VentureMoney Management Co.

Bernier is also listed as the executive chairman of ThinkTank Innovation Inc., described as a public/private partnership “in the heart of San Diego,” according to its website. Some of the defendants named in the amended complaint are also listed as the executive board of ThinkTank.

For example, Mario Diez is named as a trade commissioner at the Consulate of Canada and Paul Roben, Ph.D., is an Associate Vice Chancellor for Innovation and Commercialization at UC San Diego, according to the website.

A message to the defendants through the ThinkTank website email address was not immediately returned.

Charles Field, a partner at Sanford Heisler and counsel for the plaintiff, said his firm looks “forward to learning more about the manner in which the defendants raise capital from investors and determining how the capital is allocated among the various persons and entities,” in a statement accompanying the lawsuit.