stolen money Archives - New Hip Hop News

Swizz Beatz now finds himself in the middle of one of the world’s largest current corruption scandals. Moreover, according to court documents reportedly obtained by AllHipHop, authorities filed a lawsuit in New York on Wednesday (October 2) accusing him of receiving $7.3 million of stolen funds from Jho Low and his associates amid the 1MDB scheme. For those unaware, according to officials, this refers to the theft of billions of dollars from the Malaysian state fund 1Malaysia Development Berhad (1MDB) by business fugitive Jho Low and others, including associate Eric Tan. It’s important to note that the Ruff Ryder producer’s connection is still an alleged one at press time, and that Low denies any involvement.

Furthermore, liquidators sued Swizz Beatz for both intentional and constructive fraudulent conveyance, as well as unjust enrichment. But he wasn’t the only hip-hop star that came up in this case. Authorities convicted Fugees member Pras last year for attempting to stop the United States’ investigations into Jho Low. Back to Swizz, though, real name Kasseem Dean: “As the 1MDB Fraud was underway, Jho Low became a well-known figure in the Hollywood scene and developed a reputation as a businessman with deep pockets and a penchant for hosting lavish, star-studded parties and group vacations,” the lawsuit against him reads. Throughout the early 2010s, Low befriended many U.S. celebrities including Dean and his wife Alicia Keys.”

Swizz Beatz At The 2024 Breakthrough Prize Ceremony

Swizz Beatz Lawsuit Fraud Corruption Stolen Money Pras Hip Hop News — LOS ANGELES, CALIFORNIA – APRIL 13: Swizz Beatz attends the 2024 Breakthrough Prize Ceremony at Academy Museum of Motion Pictures on April 13, 2024 in Los Angeles, California. (Photo by Taylor Hill/Getty Images)

Liquidators want to recoup the cash stolen from the 1MDB-linked Affinity Equity International Partners Limited and Alsen Chance Holdings Limited, which were in liquidation processes in the British Virgin Islands (BVI). “Between September 21, 2012 and September 4, 2014, Jho Low and/or Eric Tan caused the debtors to transfer $7,300,000 to defendants and, during that same time period, the debtors did not receive any money back from the defendants or any other consideration from the defendants in exchange for the fraudulent transfers,” the suit continued. “Consequently, a net amount of $7,300,000 was conveyed from the debtors to the defendants.” Alsen Chance reportedly handed $1.5 million to the Verzuz creative’s company in September of 2012. Two payments of $1 million and $800K followed in October.

On the other hand, Affinity reportedly paid Swizz Beatz’s Monza Studios $800K in November 2013, with $1 million more arriving in December. The Elon Musk partner also received $500K in June 2014, $300K in July, $1.4 million in September, per the court documents’ allegations. Through incorporation under the BVI Companies Act, the BVI Court appointed liquidators to Alsen Chance and Affinity to contribute to “global asset recovery efforts for the benefit of the debtors’ creditors, being 1MDB and SRC International, and therefore ultimately the people of Malaysia.” Liquidators seek $3.3 million in damages from Swizz Beatz Productions, $1.8 million from Monza Studios, and $2.2 million from Swizz himself, as well as other legal fees.

[via]

The post Swizz Beatz Sued For Allegedly Receiving Millions In Stolen Funds appeared first on HotNewHipHop.

Boosie Badazz is still on the hunt for his cousin, who stole some money from him. The Lousiana rapper revealed that his cousin actually robbed him of $7,000. He explained that he obtained footage, before releasing it publicly, proving that his own blood went into his home and left with plenty of cash. Evidently, Boosie isn’t forgetting about this either and plans to send a message whenever he ends up tracking down his cousin.

During a recent interview with Vlad TV, Boosie Badazz explained that his cousin actually went into his room to find the money after he left. He explained that he spotted that all of the $100 bills were gone. Unfortunately, by the time he got the security footage, his cousin was nowhere to be found. “But I had to wait five hours for him to come from where he was so on that five hours I’m waiting on the cameraman to come back he had slipped off. Ended up going to get a room or you know. So he had slipped out. When he came back he was busted,” he explained.

Boosie Badazz Seeks Vengeance On Cousin

Boosie explained that the money was never returned to him. In fact, he said that he hasn’t seen his cousin since the incident went down. However, its family and they’re bound to run into each other in the near future. “This my blood. When I see him I’m gonna break his jaw,” Boosie said. “We gonna butch him as soon as we see him.” At this point, Vlad asked if Boosie’s even interested in having the stolen cash returned to him.

“Nah, I wanna black your eye,” Boosie said. “Knock out one of your teeth or hurt you physically. [Then] we good. We good. But I’m gonna send you to the hospital. I’m gonna make you get stitches,” he added. “I was out looking for him the other day I was gonna cut his pinky off, but I can’t catch him. I can’t catch him. I’m steady getting drops on him though. When I catch him, I’m gonna take that chance of going to jail.”