The husband of a former “real housewife” used her fame to talk a marijuana grower into an investment deal — and sent the company up in smoke when his private-equity fund failed to churn out the money, according to court filings.
The fund – Gateway Privileged Fund LLC – is controlled by Reid Drescher, husband of RHONY Aviva and cousin of Fran Drescher, star of The Nanny.
Reid Drescher claimed he had access to cash to invest in Los Angeles-based marijuana grower P&S Ventures LLC, according to P&S’s lawsuit filed Monday in Manhattan Supreme Court.
“Drescher boasted about being a cousin to Fran Drescher, who played the nanny on the television series of the same name, and that his wife Aviva Drescher was on Bravo’s Real Housewives of New York and claimed to have many celebrity contacts as a result,” the suit said .
Aviva Drescher – famous for throwing her prosthetic leg at another on-screen housewife – was dropped from the hit series in 2014.
P&S believed his “numerous material misstatements” and agreed to accept a $5.4 million investment from Drescher’s fund in exchange for stock.
But Reid Drescher was soon “forced” to admit that his cash register didn’t have the promised money, the lawsuit said.
As of 2019, the fund had raised just $1 million from a projected $120 million, according to its most recent securities filing.
Gateway ended up pouring just $1.35 million into P&S. The shortfall was “highly destructive” to P&S, the lawsuit said, driving it into “costly and damaging receivership,” the lawsuit said.
P&S is seeking compensatory and punitive damages and seeking termination of the contract with Gateway. A P&S attorney, Matthew Press, declined to comment.
An attorney representing Drescher and Gateway said P&S’s lawsuit was “a frivolous contract action.”
“The sued company will be filing some very serious counterclaims,” Richard Roth, attorney for Drescher and Gateway, said in an interview. “We’re going to file a massive counterclaim here. We will hold the plaintiffs liable for their contractual obligations.”