Barry Zito 'Duped' By Friend In $3 Million Fitness Company
By Staff Writer | March 18, 2013 05:17 PM EDT
San Francisco Giants' pitcher Barry Zito is claiming a company called doFIT duped his company Barry Zito Enterprises out $3 million in a recent lawsuit.
Zito is suing Clark, along with "fitness expert" Neal Spruce and bodybuilder Odd Haugen - who were hired to be the faces of dotFIT - and a total of five corporations in two complaints. Yahoo! reported Monday.
The former Cy Young award winner and two-time Wolrd Series champion alleges he was duped when he invested $3 million into the company. Zito alleges that Clark used their friendship to entice Barry Zito Enterprises to invest.
He alleged that Clark told him that dotFIT "was in the midst of a $20 million equity campaign that would allow dotFIT to exploit a valuable software interface and market it to health clubs worldwide."
"Clark further explained that he had others ready to invest and that if BZE did not act fast, it would lose its investment opportunity. But dotFIT now claims that it never sought to raise $20 million in equity," Zito said in the complaint.
Zito alleged he was getting a 15 percent minority share for his $3 million, but instead the money went to repaying loans, to profit sharing, and to salaries and bonuses for others.
Another company involved in the lawsuits, allegedly brought Madonna in, Zito said. The Lafayette Holding Company allegedly got Madonna involved by selling her 12.5 percent of interest in doFit.
The pop star's 12.5 percent that was originally sold to her was then sold to Go Mav, LLC, a few weeks later, the complaint said.
Zito is currently on the last year of his $126 million contract with the Giants.
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