Former \u201cRich Kids of Beverly Hills\u201d star Brendan Fitzpatrick built a public image around being wealthy.\u00a0<\/p>\n
The privileged party boy who first rose to fame on the hit E! reality series, \u201cRich Kids of Beverly Hills,\u201d famously posed up in fancy cars, briefly married fellow reality star Morgan Stewart and got a hair transplant on TV.\u00a0<\/p>\n
Now, The Post can reveal that the 37-year-old Palm Beach-based realtor is being accused in a number of lawsuits of scamming wealthy businessmen out of more than $80 million, in an alleged Ponzi scheme and a fraudulent property development.<\/p>\n
Alleged victims claimed in a lawsuit that Fitzpatrick\u2019s company, Carbonatik LLC \u2014 a Sri Lanka-based mining venture \u2014 was a front, advertising returns of 120% on investments while not actually existing.<\/p>\n
Brendan Fitzpatrick\u2019s claim to fame is being on the hit E! reality series, \u201cRich Kids of Beverly Hills.\u201d Brendan Fitzpatrick \/ Instagram<\/p>\n
Carbonatik\u2019s allegedly duped victims include a former acquaintances and various entrepreneurs who claim to have poured hundreds of thousands of dollars into the company.\u00a0<\/p>\n
One supporter even claimed he wrote letters to President Trump on behalf of Fitzpatrick\u2019s venture, and campaigned to high-level military officials \u2014 documents that have been reviewed by the Post\u2014 that the venture had found the solution to the energy crisis.<\/p>\n
Numerous court cases have stacked up against Fitzpatrick and Carbonatik\u2014 many of which include claims of fabricated bank statements, appraisals and letters of intent.<\/p>\n
The former party boy getting his hair transplant on the reality show. E! \/ YouTube<\/p>\n
The Post can also reveal a further court case, this time against Fitzpatrick and a failed property venture of his in Greece, for which he is being sued for an eye-watering $74 million.<\/p>\n
Meanwhile, Fitzpatrick, 37, continues to post glamorous photos of his Canadian billionaire heiress wife Chloe Fitzpatrick and young daughter \u2014 and their luxury life in Palm Beach.<\/p>\n
A connected entrepreneur who looked the part<\/p>\n
For Richard Segerson, a third-generation Palm Beach business owner and investor, Fitzpatrick appeared to be a connected entrepreneur who had built a profile as a realtor at the reputable global firm The Agency, founded by fellow reality star Mauricio Umansky.\u00a0<\/p>\n
\u201cHe wore the part \u2014 American Express platinum card to buy us lunches and drove a Range Rover,\u201d he told The Post.<\/p>\n
The two met in early 2024. Fitzpatrick spoke of having significant capital at his disposal and, at one point, described himself as on a \u201cbuying spree,\u201d according to Segerson.<\/p>\n
Investors who worked with Fitzpatrick said he seemed to have dressed and acted the part.<\/p>\n
Over time, Segerson claims Fitzpatrick introduced the concept of Carbonatik, a mining venture founded by Fitzpatrick and his business partner, Dr. Joseph Swaminathan, in 2022, that he claimed controlled valuable graphite assets in Sri Lanka.<\/p>\n
It was an opportunity that Segerson immediately knew his longtime friend and commodities entrepreneur, Dave Smith, would be interested in.\u00a0<\/p>\n
\u201cHe solicited us for an investment in the company and acted like he was doing us this huge favor,\u201d Smith told The Post.<\/p>\n
By early 2025, Segerson and Smith had invested $500,000 into Carbonatik.<\/p>\n
They allege they were told to expect 120 percent returns as soon as July of that year, and received robust documentation, including appraisals, letters of intent, assets, and financial statements to bolster claims that major returns were near, according to court exhibits reviewed by The Post.<\/p>\n
Investors were convinced to hand over a ton of money to the company <\/p>\n
\u201cHe had us on the phone with the President of Sri Lanka, welcoming us into the family, and he had all this mining rights documentation, along with a $30,000-a-month office in Palm Beach, in my friend\u2019s building, who legitimized that he prepaid a year in advance,\u201d Segerson said.\u00a0<\/p>\n
According to court filings, interviews and internal documents reviewed by The Post, Carbonatik presented itself as a global mining and commodities company with ownership of over 20 \u201chigh-purity\u201d graphite, copper and rare-earth mineral mines spanning Sri Lanka, Tanzania and India.<\/p>\n
Carbonatik was founded in 2022 by Fitzpatrick and his business partner, Dr. Joseph Swaminathan, in 2022. Courtesy of Jason Charles<\/p>\n
The increased demand for these minerals used in electric vehicles, AI infrastructure, and national defense made this an extremely lucrative opportunity.<\/p>\n
But a slew of investors claim Carbonatik fabricated bank statements, appraisals, and letters of intent, according to Florida court documents.<\/p>\n
Investors, like Segerson and Smith, allege that Carbonatik\u2019s claims and promise of returns of 120% almost immediately to stakeholders were persuasive enough to convince them to pour hundreds of thousands of dollars into the company.\u00a0<\/p>\n
Some say it seemed plausible given the robust documentation Fitzpatrick and his company provided.<\/p>\n
However, Seagerson claimed to The Post that doubts emerged almost immediately when a guarantee letter regarding his July returns supposedly never arrived.<\/p>\n
Copper cathode Fitzpatrick claimed to own. Courtesy of Dave Smith<\/p>\n
\u201cHe was like, \u2018Oh, of course, I\u2019ve got $25 million set aside; I\u2019ll send you the information. Never came,\u201d Segerson alleged.\u00a0<\/p>\n
Text messages reviewed by The Post reveal months of back-and-forth conversations between Smith, Fitzpatrick, and Swaminathan seeking updates on financials, additional documents, and expected deliveries that failed to materialize.\u00a0<\/p>\n
In one particular text, Swaminathan references a \u201clot of misinformation\u201d that had been boasted by Fitzpatrick.<\/p>\n
According to Smith and Segerson, the more information they requested, the more inconsistencies they uncovered, even as they continued to court mineral buyers at lavish dinners and energy conferences, which cost them around $1 million.<\/p>\n
Text exchanges between Smith, Fitzpatrick, and Swaminathan. Obtained by NY Post<\/p>\n
\u201cWe were going to Mar-a-Lago and meeting these generals, and with the Defense Logistics Agency, and selling this stuff that they had no intention of delivering,\u201d said Smith.\u00a0<\/p>\n
\u201cThey\u2019re pissed off at us because this turned out to be fake, and these are serious people.\u201d<\/p>\n
Investigations began<\/p>\n
The turning point came in September 2025, when Smith \u2014 enraged by the lack of delivery of materials and returns on his half-million-dollar investment \u2014 began investigating Carbonatik\u2019s operations independently.\u00a0<\/p>\n
He planned a 9-day trip to Tanzania, where he expected to verify mining-related claims about their operations and warehouses.<\/p>\n
\u201cEverything\u2019s set up, and they\u2019re supposed to pick me up Tuesday at the airport, but while I\u2019m in flight, before I even get there, all of a sudden that changes,\u201d Smith recalls, claiming that he was ghosted at the airport by a driver Swaminathan confirmed would pick him up.<\/p>\n
\u201cThese bonded warehouses that they had mentioned, and the logistics companies, and all these contacts\u2026 nobody, there\u2019s nothing there, they got nothing,\u201d alleged Smith, who physically went to each location they believed to be in business only to discover they didn\u2019t exist.<\/p>\n
The lawsuit alleges that \u201cdefendants\u2019 refusal or inability to show Smith any actual operations or genuine agreements is irreconcilable with their prior representations that they owned the Mannar Basin, controlled tens of millions of tons of reserves, maintained thousands of tons of above-ground inventory, had secured investor financing and a forthcoming $250 million credit line, and were \u201cready to . . . deliver\u201d in 2025.\u201d<\/p>\n
Carbonatik\u00a0submitted an answer denying all claims and counter-sued for various causes of action, including breach of contract, defamation, and tortious interference.<\/p>\n
The lawsuits piled on <\/p>\n
Around the same time, Smith and Segerson discovered a $4.4 million lawsuit filed in June 2025 in Sarasota, Florida, by a former investor, Premiere Properties, against Carbonatik.\u00a0<\/p>\n
Court records showed that Carbonatik borrowed $1.9 million from the company\u2019s founder between July and December 2024, before allegedly defaulting.\u00a0<\/p>\n
A final judgment reviewed by The Post shows the courts in favor of Premiere Properties for the entirety of $4,425,500.<\/p>\n
Carbonatik property. Courtesy of Dave Smith<\/p>\n
But according to Smith and Segerson\u2019s suit, Fitzpatrick repeatedly assured them that Carbonatik had substantial cash on hand.\u00a0<\/p>\n
A court-ordered garnishment of Carbonatik\u2019s accounts, reviewed by The Post, showed that payments made to Carbonatik in February and March were, in fact, interest payments to Premiere Properties. <\/p>\n
\u201cThe same day or the next day that I wired funds to Brendan for the same amount\u2026 he used our money to prepay a previous investor,\u201d Smith claimed.<\/p>\n
Despite cracks beginning to show, Fitzpatrick maintained his image of wealth and prestige, allegedly driving a modified Volkswagen Beetle pimped out to look like a Porsche \u2014 an item he later used as worthless collateral, according to the Premiere Properties suit.<\/p>\n
The \u201cfake\u201d Porsche Fitzpatrick allegedly drove. Courtesy of Dave Smith<\/p>\n
\u201cHe was asking me for quotes to fly private to Europe,\u201d Segerson recalled. \u201cYou haven\u2019t paid me, and you\u2019re looking for a $100,000 flight to Monte Carlo with your wife,\u201d he claimed, adding that he has since seen Fitzpatrick around Palm Beach suited up, with flashy sunglasses and dining at expensive restaurants.<\/p>\n
In November of 2025, Segerson and Smith filed suit against Carbonatik in Florida for their $500,000 investment and are currently awaiting trial.\u00a0<\/p>\n
Carbonatik filed a response to the suit, denying the claims, and a receiver has now been appointed for the company.\u00a0Carbontatik further countersued for various claims, including defamation.<\/p>\n
Fitzpatrick and his wife, Chloe, on one of their luxe outings. Brendan Fitzpatrick \/ Instagram<\/p>\n
The Post reached out to Fitzpatrick and Swaminathan for comment, but at the time of reporting, they declined.<\/p>\n
Letters were sent to President Trump on behalf of Fitzpatrick\u2019s venture<\/p>\n
Energy entrepreneur Jason Charles never officially invested in Carbonatik, though he estimates spending roughly $200,000 on travel expenses while losing credibility with his peers by promoting Carbonatik\u2019s fabricated dreams.<\/p>\n
After being introduced to Fitzpatrick through Segerson and the Palm Beach circle, Charles was eager to invest in resources during a time he says America was in a potential energy crisis.<\/p>\n
Believing Carbonatik\u2019s claims, Charles leveraged his own network on the company\u2019s behalf.<\/p>\n
\u201cI literally was sending letters to President Trump,\u201d Charles told The Post. \u201cI went to Mar-a-Lago twice for Department of Defense meetings to tell them that we had access to these rare earth elements.\u201d<\/p>\n
Fitzpatrick (center) in a Carbonatik meeting. Courtesy of Jason Charles<\/p>\n
\u201cI\u2019m trying to help the country,\u201d he added. \u201cI\u2019ve literally had Dr. Joseph on calls with Raytheon [a major U.S. defense contractor].\u201d<\/p>\n
But eventually, promised reports, letters of intent, and financing failed to materialize, leading Charles to question whether the company possessed the assets it claimed.\u00a0<\/p>\n
All the while, Charles recalls Fitzpatrick as a \u201csuper slick dresser\u201d garbed in custom, elegant suits, allegedly bragging about his baby\u2019s $30,000 night nurse and his rent costing hundreds of thousands of dollars.<\/p>\n
Once the facade fell, Charles was embarrassed that he trusted the smoke and mirrors, especially since he almost lost equity in his company for bringing an unvetted and unverified opportunity to his partners.\u00a0<\/p>\n
\u201cI\u2019ve lost a tremendous amount of time, a tremendous amount of credibility and respect,\u201d Charles explained. \u201cEver since the day I met this guy, I\u2019ve literally said he\u2019s going to save America with the Chinese and rare earth elements, and all of it couldn\u2019t have been more of a scam.\u201d<\/p>\n
Additional claims emerge: \u201cHe\u2019s faked it his whole life\u201d<\/p>\n
While Fitzpatrick jets off to Monte Carlo for the summer, according to Smith, he leaves behind a slew of creditors pursuing his company for alleged additional unpaid debts.\u00a0<\/p>\n
In February 2026, four Belgian investors filed a lawsuit in London\u2019s Commercial Court seeking approximately \u20ac64 million (roughly $70 million) in damages related to the Varko Bay hotel development project in Greece.\u00a0<\/p>\n
The 37-year-old allegedly fooled many with deep pockets. Brendan Fitzpatrick \/ Instagram<\/p>\n
The suit names Carbonatik and Varko Luxco HoldCo S.\u00e0 r.l., a Luxembourg-based private holding company associated with the project.<\/p>\n
According to court filings reviewed by The Post, the plaintiffs allege they sold their interests in companies tied to the project but were not fully paid under the terms of the agreements.\u00a0<\/p>\n
The lawsuit claims Carbonatik sent a series of guarantee letters backing the investment and failed to follow through. As a result, the suit seeks damages for breach of contract exceeding \u20ac64 million ($74,182,400).<\/p>\n
The plaintiff\u2019s attorneys declined to comment on the case\u2019s current status, but according to Smith, it remains ongoing.<\/p>\n
That same month, court documents reviewed by The Post showed that a commodities data provider, Fastmarkets Global, filed suit against Carbonatik, alleging that the company failed to pay more than $10,000 for contracted services.\u00a0<\/p>\n
An interior design company went after Carbonatik around the same time, seeking $50,000 in damages after Fitzpatrick filed two separate credit card disputes for delivered furniture, which resulted in a refund of the hefty charges.\u00a0<\/p>\n
Even Chase Bank filed suit earlier this year for alleged unpaid credit card debt of $300,000, but the case has since been closed.<\/p>\n
\u201cHe\u2019s faked it his whole life,\u201d said Smith. \u201cHe\u2019s fake it till you make it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Former \u201cRich Kids of Beverly Hills\u201d star Brendan Fitzpatrick built a public image around being wealthy.\u00a0 The privileged…\n","protected":false},"author":2,"featured_media":503855,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[811,321,93,1302,61,60,166,26950,10796,3186],"class_list":["post-503854","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrities","tag-california","tag-celebrities","tag-entertainment","tag-exclusive","tag-ie","tag-ireland","tag-lifestyle","tag-reality-stars","tag-reality-tv","tag-trump"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/503854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=503854"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/503854\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/503855"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=503854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=503854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=503854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}