Audio By Carbonatix
Last week we detailed the sketchy claims Irving-Based BioPerformance made about its “non-toxic, non-flammable” miracle fuel pill made out of toxic, flammable mothballs. We also examined the company’s shady marketing tactics that Texas Attorney General Greg Abbott decided violated the state’s weak anti-pyramid scheme statute.
This afternoon, a judge upheld the May 17 court order that shut down BioPerformance. Lowell Mims and Gustavo Romero, the elusive founders of the scheme, surfaced for a three-day hearing in San Antonio–just long enough to offer stunning testimony about how much money they had bilked out of their 50,000-plus faithful followers in only five months. Some of their more interesting admissions:
Mim and Romero skimmed at least $7.4 million from the company.
Mims set up a trust fund for his family’s use of $2.7 million, Romero for $2.4 million.
Mims bought a $90,000 Hummer and twin Rolexes; Romero, a $40,000 BMW and a $50,000 down payment on a pool.
BioPerformance’s lead counsel, Dallas lawyer John Jerome Lewis, undoubtedly did his best, but you’d have to forgive him if he was a little distracted. After all, he still has to worry about that pesky FBI investigation into the $250,000 worth of bribes he allegedly negotiated for Mayor Pro-Tem Don Hill. –Rick Kennedy
When news happens, Dallas Observer is there —
Your support strengthens our coverage.
We’re aiming to raise $30,000 by December 31, so we can continue covering what matters most to you. If the Dallas Observer matters to you, please take action and contribute today, so when news happens, our reporters can be there.
