For over a decade, Shark Tank has completely changed the landscape of reality TV. The show has changed the lives of countless entrepreneurs while inspiring others to start their own companies.
However, the hit ABC show has faced some controversy in the past. A poll on Reddit suggests Daymond John is the most unpopular shark. In truth, the millionaire has been tied to some controversial entrepreneurs in the past. One in particular recently landed in jail despite such a promising product on the show that made millions.
Nate Holzapfel is the man behind this insane story. His reputation has completely crashed, and the allegations are quite disturbing. Let’s recap what went on, and so much more.
Nate Holzapfel Fought For World Hunger With His Mission Belt Product On Shark Tank, But Wound Up In Jail Years Later
Nate Holzapfel’s story starts in 2013 after he appeared on Shark Tank with his unique product, Mission Belt Co. Along with the product, the entrepreneur was fighting world hunger. He secured a deal with Daymond John at the time. Eight years later, things took a problematic turn. Nate was arrested in 2021 in Utah on three counts of fraud. His days of getting a deal worth $50K on Shark Tank were tarnished, and the allegations were alarming.
Daymond John has a net worth of $350 million.
One of the victims, DeAnn Jansen came forward and revealed the details as to how she got scammed by the Shark Tank star. It all started with a Tinder match. After speaking together, DeAnn agreed to meet Nate. Her regret was the fact that it took place at her home, and not in public. The date wasn’t the average get-together.
“It was almost an eight-hour date,” DeAnn said.
“He mentioned his kids, his divorce, and how his father was kind of high-ranking in the LDS [Latter-Day Saints] church. He also talked about his successful companies,” Jansen tells Daily Beast.
Soon enough, DeAnn was pressured into a $50K investment in Holzapfel’s new company. His promise, 20 times the return. Making matters that much more heartbreaking, DeAnn dipped into her late husband’s life insurance policy. She showed instant regret, but was constantly refused when she tried to get her money back.
Over a year ago, in August of 2023, Holzapfel was sentenced to at least one year in jail, along with a max of 15 years.
Holzapfel’s team attempted to set up a deal that avoided time in prison, but that was rejected by the court.
After only six years, Daymond John was generating over $350 million per year with FUBU.
A sad story and one that had so much promise. After appearing on Shark Tank, Holzapfel confirmed that his product, Mission Belt, had made $25 million in sales since 2012. A true success story with a great cause attached to it. Though it all fell apart behind the scenes. ABC won’t be making any mention of Mission Belt, and neither will Daymond John, despite the fact that it was one of his more impressive investments at the time.
Daymond John’s Cheapest Investments |
Scholly ($20K, 7%) |
Hillbilly Brand ($25K, 33%) |
Flip Outz ($33K, 11%) |
Lipstix Remix ($35K, 17%) |
CateApp ($35K, 17%) |
The Last Lid ($40K, 60%) |
Grinds ($37,500, 7%) |
Daymond John Had Other Problematic Shark Tank Deals That Required Legal Action
Daymond John had other tough moments on Shark Tank. One of his entrepreneurs went behind bars for fraud, while he was forced to file a restraining order against another former partner. John struck up a deal during season 5 with Al Bubba Baker and his Bubba’s Q Boneless Baby Back Ribs company.
The deal was initially said to be worth $300K for 30%, but later changed to $100K for 35%. The result was a complete disaster. Baker and his family constantly went after John online, claiming the Shark Tank star was never around and hurt their business. In court, John’s lawyers made mention that the statements from Baker harmed his reputation.
BUBBA’S Q Boneless Baby Back Ribs can still be purchased online.
The legal document reads, “All the Bakers’ posts are negative, disparaging or both, and certainly could impact DFV’s and John’s reputation, goodwill and credibility. These posts clearly caused reputational harm that John will now have to deal with and counter.”
Daymond’s team added in a statement, “This temporary restraining order is due to the Bakers’ blatant actions to undermine a business partnership and the legal parameters they agreed to four years ago. Their belief that they can unwind poor business decisions through slanderous social media posts and articles will no longer be tolerated.”
Despite being able to clear his name, a lot of fans weren’t buying John’s innocence. Over on Reddit, a thread was started asking for John to be removed from the show.
One Redditor wrote, “It breaks my heart to say this but Daymond should be removed from Shark Tank for this. First, who is going to want to go on Shark Tank and want to close a deal if you know a Shark will illegally screw you over? People are gonna show up to only promote their product and not take a risk to accept an investment that might go so wrong that it’ll be newsworthy.” “Second, whose going to accept a deal from Daymond now?”
John’s reputation certainly took a hit from the incident.
