Boxing promoter Don King, known for his flamboyant personality and controversial tactics, has been sued for $3 billion by a businessman alleging fraud and defamation. The lawsuit, filed in Florida, claims that King swindled him out of millions of dollars in a failed investment scheme while also falsely accusing him of being a member of the “Armenian mob.”

The plaintiff, Murat Gasdanov, claims that King approached him in 2016 with a lucrative investment opportunity in a company called “Texas Stringfellows.” Gasdanov alleges that King promised him a 50% ownership stake and substantial returns on his investment. However, after investing millions of dollars, Gasdanov claims that King never provided him with the promised ownership stake and refused to return his investment.

In addition to the fraud allegations, Gasdanov claims that King defamed him by falsely accusing him of being a member of the “Armenian mob.” Gasdanov alleges that these accusations damaged his reputation and caused him financial losses.

King’s Response:

Don King has denied the allegations, calling them “baseless” and “a publicity stunt.” He claims that Gasdanov was a willing participant in the investment scheme and that he never made any defamatory statements about him.

The lawsuit against Don King is a significant development in the world of boxing. The outcome of the case will have implications for not only King but also for the sport of boxing as a whole. If Gasdanov is successful in his claims, it could send a strong message about the importance of ethical conduct in the industry and the potential consequences of engaging in fraudulent or defamatory behavior.