theJasmineBRAND.com exclusively reports, music producer Teddy Riley is firing back at allegations he screwed over investors out of $330K and is blasting the company suing him for $1.9 million, saying he never committed fraud.
theJasmineBRAND.com broke the story, online investment company – The Receivables Exchange – filed a federal lawsuit against the singer/music producer, accusing him of conspiracy and fraud.
The company explained that they are an electronic marketplace where sellers can auction off eligible receivables for sale to investors – which essentially is a company selling off debt owed to them, and then the buyer can legally collect on the money owed by the debtor
TRE says that back in 2013, Riley agreed to sell certain receivables owed to him via his TR Music Company
The company says that Riley created fake accounts receivables to sell on the marketplace — which would never be paid by the account debtor TR Music, and instead would collect the money from the sale and spread it out to the co-conspirators involved in the fraud and deceit.
[READ MORE ON THE NEXT PAGE.]