A Utah man who successfully pitched a belt company on an episode of ABC’s “Shark Tank” is accused of defrauding a woman he was dating out of almost $200,000 — while he was married to another woman.
Nathanael Reid Holzapfel, 42, of Orem, has been charged in 4th District Court with three counts of communications fraud, a second-degree felony.
In 2013, Holzapfel pitched Mission Belt on “Shark Tank.” Daymond John at the time agreed to invest $50,000 for 37.5% of the company, which sells belts without holes. John later visited Holzapfel in Utah for a 2015 episode of “Beyond the Tank.”
The current owners of Mission Belt issued a statement Tuesday that said Holzapfel has not been involved with the company in more than seven years.
According to a probable cause statement filed in the case, Holzapfel is accused of defrauding a “vulnerable female” out of $196,773.14. The victim was divorced, suffered from “significant health problems” and cares for an “adult child in a wheelchair,” the document states.
The woman told investigators that soon after she began dating Holzapfel in February 2020, he started asking how much equity she had in her home. According to the victim, Holzapfel told her that he had a company — Save My House, LLC — that could protect her approximately $200,000 in equity and prevent her from paying high capital gains taxes if she needed to sell the home.
The victim said Holzapfel did not tell her that he was married and refused to allow her to have any contact with his family.
On May 14, 2020, Holzapfel took the victim to a title company and “pressured” her into signing a quit claim deed, transferring ownership of her home to Save My House, LLC, for $10 “and other good and valuable consideration,” according to the probable cause statement.
The victim told investigators she “resisted” but “finally relented” because of Holzapfel’s “representations and her growing love and affection” for him, the document states. A witness told investigators “it was obvious” the victim did not want to sign the documents.
According to the document, Holzapfelf did not tell the victim that he was “having financial problems,” including a $250,000 court judgment against him (plus $8,600 in legal fees) for using “false pretenses” to make it appear that the late Larry King had endorsed his business ventures.
The victim told Holzapfel multiple times that she had changed her mind and wanted him to transfer ownership of the home back to her, records state, but he “deflected” and “ignored” her requests, then started pressuring her to sell the home and invest the proceeds in another business he claimed he owned, she said. That company did not exist until it was registered on Nov. 10, 2020, according to investigators — after the victim threatened to report Holzapfel to the authorities.
The victim “reluctantly” agreed to sell her home, the document states. Holzapfel listed and sold the property, but refused to show the victim any of the paperwork or tell her what the sales price was, the woman said.
Investigators learned that proceeds from the sale — $207,773.14 — were deposited into a business account registered in the names of Holzapfel and his wife. Investigators determined that Holzaapfel “promptly began transferring the victim’s funds” to other accounts he controlled, the document states.
He used the money to pay “existing personal debts on his motor vehicle, attorney fees, credit cards, and to purchase expensive luxury items like firearms and gun supplies,” the document states, spending more than $159,000 of the money between Sept. 1, 2020, and Jan. 14, 2021. According to investigators, Holzapfel paid the victim just $11,000 from proceeds from her home.
After the victim threatened to report him to the police, Holzapfel cut off contact with her and disappeared, the document states. Charges against him were filed in August, and a warrant for his arrest was issued on Sept. 29.
Holzapfel was booked into the Utah County jail on Wednesday, and released less than two hours later after posting $20,000 bail. He’s scheduled to appear in court on Nov. 3.
Utah County Attorney David Leavitt expressed his frustration that Holzapfel was allowed to post bail.
“A person is walking free today because he was wealthy enough to post cash bail. It demonstrates at its heart what is wrong with Utah’s cash bail system,” he said. “It doesn’t protect society. It protects the wealthy.”
Cole Christensen, lead investigator with the Utah County Attorney’s office, said the office believes others may suspect Holszapfel of defrauding them, either in Utah or other states. Anyone with information may call 801-851-8069 or email colec@utahcounty.gov.
