The company, which Jeb Bush was looking forward to join in 2007, is facing plenty of red flags. There are many lawsuits and bad headlines, which point to a lot of criticism regarding the matter. In 2007, Bush was planning to join InnoVida as a $15,000-a month-consultant. InnoVida's CEO committed a $40 million investment fraud.

Connection of Jeb Bush with InnoVida and chief executive Claudio Osorio is coming into light as presidential elections approach.

Reports have revealed financial malfeasance allegations against Osorio and troubling allegations against his top lieutenants. This has led to the questions about Bush's association with Osario who have a bad reputation.

According to Ken Boehm, the chairman of the National Legal and Policy Center, an ethics watchdog group that reviewed public records with CNN, "It's hard to imagine any due diligence investigation that would have missed lawsuit after lawsuit against Osorio alleging fraud, misrepresentation and ethics violations. Even if they were doing due-diligence lite, they would have found the lawsuits. These lawsuits weren't hidden".

Osorio used to talk to many rich and famous people and convince them to invest in his company. He expressed himself as a successful entrepreneur and completed with a Maserati and Colorado mountain house.

According to court filings, he even tried entering the Oval Office and met President Barack Obama's personal assistant in 2009. Bush spokeswoman Kristy Campbell told CNN in an email that it is now clear that Mr. Osorio intentionally deceived a board of prominent business leaders regarding his company's dealings and that led him to jail.

According to court papers, Bush advised Osorio to go for more transparent, professional, business practices.