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I noticed the author didn't really expand on that either, but I really don't think Mr. Cuban would be happy finding out someone he has invested in has previous history of defrauding investors. Not to mention how little investigation was required to find that out.

You're right this doesn't really affect the tv show, people who work for the show, and the cable network. Absolutely nobody cares if the companies are "fake."

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The thing is I've read the "deals" made on the show are not binding. Afterwards, they perform diligence.

On air, they say "I'll fund you for $500k...!" with "...after we vet everything you just pitched." being left for after the cameras are switched off.

There have been lawsuits around this that came to that conclusion. Though I may be misremembering it and am not really feeling like looking it up.

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