LOS ANGELES (CN) - Bruce Willis says a Malaysian prince conned him out of $900,000 in an IPO for Elastomer Technologies, an alleged "green rubber" company. Willis claims His Royal Highness Prince Imram Ibni Tuanku Ja'afar, chairman of co-defendant Petra Group, suckered him by claiming that Al Gore and Mel Gibson had invested in Elastomer too.
In his federal claim, Willis says the defendants persuaded to give them $2 million for "an IPO for a corporation involved in the development of a new 'green' rubber technology."
The complaint continues: "Defendants falsely represented to Mr. Willis that he would be granted a put option that could be exercised at any time between December 30, 2007 and March 30, 2008, entitling Mr. Willis to the immediate return of his full investment upon exercising the option. However, when Mr. Willis exercised the put option on March 17, 2008, defendants failed and refused to return Mr. Willis' money. Instead, defendants have lied to Mr. Willis in a deliberate and admitted effort to 'stall' him and prevent him from enforcing his rights."
Willis also sued Vinod B. Sekhar.
Elastomer is based in the Isle of Jersey, United Kingdom; The Petra Group is based in Kuala Lumpur. The complaint states that Ja'afar is "Group Chairman" of Petra and a director of Elastomer, and Sekhar is CEO of both companies.
The complaint adds that when Ja'afar and Sekhar pitched him the stock in May 2007, "Sekhar represented to Willis that Al Gore, Mel Gibson and Bruce Davey had previously invested substantial sums of money in Elastomer."
They also told him "that there would be no risk to him," Willis claims.
After ducking his repeated demands for his $2 million, he says the defendants sent him $1 million this summer, put him off again, then sent another $100,000.
Willis demands $900,000, plus punitive damages. He is represented by Lavely & Singer.
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