Billionaire Mark Cuban Sounds Alarm On 'Shark Tank' Scams, Begs FTC To Crack Down On Imposters

Shark Tank is a popular reality television show which allows entrepreneurs and start-ups to make deals with well-known investors. Some prominent investors appearing on the show are Mark Cuban, Kevin O'Leary, Barbara Corcoran, and Daymond John. 

Entrepreneurs present their product ideas to the panel during the show to attract investments. If the "sharks" on the show like any of their ideas, then they decide to invest in the business. 

But Cuban is warning that not all celebrity endorsements are legitimate, as scammers falsely use the Shark Tank badge to popularize their brands. 

Some fake sellers now claim that their products have been endorsed by "Shark Tank" judges, when they are not.

According to a report by the Street, some companies are lying about being connected with the show and having the support of the show's famous investors, in an attempt to defraud potential investors and consumers.

Cuban, who's the owner of the Dallas Mavericks, is raising the alarm about the scammers. The billionaire is asking the Federal Trade Commission to protect consumers from the imposters.

In January, Cuban tweeted saying that the "Shark Tank" hosts are begging FTC to crack down on scams.

'Shark Tank' hosts beg FTC to crack down on scams using shows name https://t.co/3iqfG6IrTC

— Mark Cuban (@mcuban) January 27, 2023

"While many products claim to have been on Shark Tank, that is not always the case," Cuban added.  

Cuban's tweet followed one from December, in which he asked people to visit the show's website to find the official list of products that have appeared on Shark Tank. 

Hey @ftc we have been asking for years for you to stop this . You awake @linakhanFTC ? https://t.co/sjoGHm9e7g

— Mark Cuban (@mcuban) December 30, 2022

In a video provided by ABC News and "Shark Tank," Cuban said more and more companies are claiming they were on the show and have support from the "sharks" when they do not.

According to a report, some popular items on the Shark Tank were Ring, Kodiak Cakes, The Bouqs, Scrub Daddy, Squatty Potty, Simply Fit Board, Tipsy Elves, Sleep Styler, The Original Comfy, Lovepop, and Bantam Bagels.

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Photo: Gage Skidmore on flickr