Untuckit cofounder Chris Riccobono was slapped with a lawsuit Tuesday alleging securities fraud surrounding a $10 million investment last year from Garage Strategic Partners.
The suit filed in United States District Court for the District of New Jersey late Tuesday against Riccobono, three Untuckit executives — Björn Bengtsson, Nick Gargiulo and Edward Volchko — Greatness Wins Inc., CCRJVR Lax LLC and other defendants, seeks to hold them legally accountable for an alleged scheme to induce the approximately $10 million investment in Untuckit “through false representations and to place the company’s assets beyond the reach of creditors.”
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The complaint — Garage Strategic Partners LLC, Shreyas Shah and Sweta versus Riccobono — alleges the Untuckit cofounder engaged in securities fraud and the other defendants engaged in fraudulent transfer under New Jersey and Delaware law, civil conspiracy, common law fraud in connection with the investment and subsequent statements and negligent misrepresentation, according to the complaint.
Bengtsson is listed as an owner/partner in Untuckit and chief merchandising officer; Gargiulo was vice president of finance and chief operating officer, and Volchko was chief financial officer, according to the complaint.
As background, Garage Strategic said it invested about $10 million in Untuckit through a stock purchase agreement in 2025. The investment came after Riccobono allegedly told members of Garage Strategic they would become part of Untuckit’s board of advisers and assured them their investment would be used to expand Untuckit’s retail footprint, marketing efforts and inventory. Riccobono also reportedly assured Garage Strategic that the funds would be used for Untuckit only, not Greatness Wins, an unrelated activewear company he cofounded with Derek Jeter and other high-profile athletes.
The complaint also alleges that the financial information Garage Strategic received before investing differed from the audited financial statement it obtained later. And it claims Riccobono used Untuckit employees, resources and designs to benefit Greatness Wins, including the opening of a Greatness Wins store about 100 yards from an Untuckit unit. The complaint does not specify the location.
In addition, the complaint references the volume figure of about $250 million that was publicized as Untuckit’s sales when it was sold to Randa Apparel & Accessories in September, saying it differs from that provided to Garage Strategic.
