Dallas Philanthropist Ted Skokos Invested $2.65 Million In a Overhyped Dietary Supplement. Now, He Wants His Money Back.

Categories: Biz

Provasca.JPG
Ted and Shannon Skokos are heavy hitters on the Dallas philanthropy scene. Their names are engraved most prominently at the AT&T Performing Arts Center, into which they poured more than $2 million, but their largesse is wide-ranging, and they give grants that, per their foundation's website, "positively impact society by, among other things, advancing education, the arts, science, and religion."

Ted Skokos thought he had a winner for the foundation when he discovered Provasca, a near-miraculous dietary supplement that reduces blood pressure, increases good cholesterol, strengthens arteries and generally makes the heart a lot healthier. At least that's how it was billed by its creator, Oklahoma City physician Bruce Daniels, who told Skokos the supplement was backed by extensive research and would be a game changer for medical science.

Last Halloween, Skokos invested $650,000 in Daniels' company, Vascular Health Sciences. A few months later, in February, he kicked in a $2 million loan from the foundation, convertible to a stake in the company.

Daniels soon after changed his tune, or so Skokos claims in a lawsuit that was moved to federal court on Monday. What was, during his preinvestment due diligence, a medical breakthrough poised to revolutionize healthcare forever was actually an unproven product that was far from being ready for market.

To top it off, Daniels didn't disclose to Skokos that he was in the process of cutting ties with VHS, though things get complicated here. VHS was created to market Provasca, and Daniels ceded control of the company to his brother so he could focus on medical research. According to a legal filing in another Provasca-related lawsuit, Daniels claims his brother instead stole the supplement, cutting him out even as they sought to put it on the market.

Daniels' attorney, Jared LeBlanc, said his client "categorically denies the allegations against him, and we are confident that Dr. Daniels will prevail."

Skokos of course thinks otherwise and claims in his suit that Daniels' representations about the drug and his company amount to fraud, not to mention a violation of Texas securities law. As a result, he wants Daniels to return every penny of his $2.65 million investment.

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11 comments
toptexan
toptexan

http://dallas.craigslist.org/dal/vnn/3617725373.html

Ted and Shannon Skokos. This is so awful. These people have a permanent porta potty on our street in front of their house. It’s been there for over a year. They make the help use it. They have a gate to it and its on park lane. They even have a landscaped trail to it. Gross

oakclifftownie
oakclifftownie

The foundation web page says this

 

"Please do not contact the Foundation's founders regarding grant requests. All applications are considered by a grant review committee, and you will be notified of the award or denial of your grant by U.S. Mail or email."

 

I guess the Bros need a bit of quality control in that area ?

 

 

 

 

primi_timpano
primi_timpano topcommenter

A physician with a breakthrough supplement? In OKC? No surprise ending here.

Myrna.Minkoff-Katz
Myrna.Minkoff-Katz topcommenter

We appreciate their philanthropy, but their taste is suspect.  The audience at the Winspear is treated to a big plaque on the stage that reads, "The Shannon and Ted Skokos Stage".  Rather an ostentatious exhibition of wealth, no?

trudat
trudat

...what's that motto?...caveat emptor?...

Montemalone
Montemalone topcommenter

How do people that buy dietary supplement miracle cures get rich in the first place?

Life really isn't fair.

TheCredibleHulk
TheCredibleHulk topcommenter

 @Montemalone Getting rich isn't difficult, really. You don't have to be particularly smart or original, you've just got to have two things:

 

First, you've got to be ambitious. There is definitely truth to the old saw, "The early bird gets the worm." You've gotta' hustle because there's another snake-oil salesman right behind you lookin' for those dollars, too.

 

Second, you've got to be able to take advantage of your fellow man with no remorse. You live on the *other* side of the other old saw, "Caveat emptor." Meaning, there's a sucker born every minute and I'm all about separating these suckers from their hard earned dollars and it's their own fault if I screw them.

 

I've met a few wealthy individuals that made their wealth selling people things that they need, but I've met far more that made it selling rubes their very own impossible dreams right back to them.

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