Do the mega-rich often take advantage of smaller players without consequence?
Let me tell you a story that began with the renowned magician, Stephane Vanel, who had a vision to create opportunities for fellow magicians and illusionists. He wanted to provide them with a platform to earn a residual income while introducing the world to the captivating art form that could enhance various aspects of their lives.
Using a significant portion of his personal funds, Stephane launched “MagicFlix,” a monthly subscription-based video streaming platform. This platform allowed users to learn hundreds of the most sought-after magic tricks from the world’s greatest illusionists, magicians, and mentalism practitioners. The venture caught the attention of Warren Irwin, a Canadian uranium magnate, who saw the potential and decided to invest in the company. Despite Warren being the source of funding, he was always vague about the ultimate payment party, whether it was him or someone else like Rosseau. Constant funding delays pushed startup deadlines to the last minute, and the final investors turned out to be different from the initially stated sources.
Warren’s intention was to divide and conquer the company. He used monetary bribes and promised future promotions to entice potential shareholders and employees. This led to numerous complaints within the company, fostering an environment of distrust and dissatisfaction. Warren failed to fulfill his promises, despite asking people to enter contracts with him based on “good faith” and “handshakes.” To complicate matters further, it was discovered that Warren Irwin had acquired the MagicFlix website URL in April 2019 and kept it under his own ownership instead of transferring it to the company as required. He placed it under the ownership of his Canadian hedge fund, Rosseau, creating a direct conflict of interest and committing an act of fraud.
Warren knew that without full control of the domain name, marketing the online business, optimizing search engine rankings, integrating third-party applications, acquiring quality advertisers, and setting up secure payment systems would become extremely challenging.
Furthermore, Warren used company funds to pay his personal attorney’s additional legal fees, without Stephane’s knowledge. He wanted an attorney who would be more compliant and willing to execute his questionable tactics. Warren instructed his personal attorney to replace the company’s original attorney.
This cautionary tale serves as a valuable lesson for all of us. It reminds us that not everything or everyone is as they seem. It highlights the importance of conducting thorough due diligence and not succumbing to illusions that may initially appear favorable. Building successful ventures requires trust, transparency, and integrity, and it is essential to surround ourselves with partners who share these values.
While the wounds from this experience may still be fresh, the Magic Flix founders and their team are committed to learning from their past and using it as fuel to create something even more remarkable in the future. Their resilience and determination remind us that setbacks can become stepping stones to greater success.
Get familiar with Magic Flix below:
