Akon’s Ex-Business Partner Compares Singer’s City Plans To Ponzi Scheme
Akon’s Ex-Business Partner Compares Singer’s Sci-Fi City Plans To Ponzi Scheme
Akon’s former business partner says the singer’s plans to build a futuristic city in Senegal is equivalent to a Ponzi scheme!
Devyne Stephens — a music executive who’s worked with musicians including Jay-Z, Destiny’s Child, Usher and Pink– is asking a judge to freeze Akon’s New York assets while a $4 million lawsuit plays out. Reportedly, Stephens sued Akon, 48, in 2021 for nearly $4 million in which the “Locked Up” singer allegedly still owes. According to papers filed in Manhattan Supreme Court Monday (Mar.7), Devyne Stephens wants a judge to freeze Akon’s N.Y. assets claiming that without the freeze he would have a difficult time collecting the debt owed–claiming that the Senegalese American singer has a history of shady practices and owing money.
Reportedly, Akon has plans on turning an oceanfront village in Senegal into a Wakanda-like city that would run on a cryptocurrency called “Akoin”. This major project comes with a hefty price tag of $6 billion. Devyne Stephen’s Lawyer Jeffrey Movit alleges this project is an example of a “pyramid scheme.” According to the affidavit, Movit and retired federal Special Agent Scot Thomasson claim “Akon City” and “Akoin” show,
“many of the trademark characteristics (known as ‘red flags’) of fraudulent business ventures such as Ponzi schemes and pyramid schemes.”
Citing Thomasson’s affidavit, Movit wrote:
“Akon has provided almost no transparency about who is investing in Akon City or how it will be purportedly built. Therefore, Akon City is likely a scam.”
The court documents also claims that Akon owes the IRS a lot of money. Allegedly, the IRS placed liens on Akon’s real estate because the singer owes over $6 million in taxes. Attorney Jeffrey Movit wrote,
“And despite Akon allegedly bragging in an interview about getting paid in garbage bags full of cash for his performances in Africa, he does not appear to be using this African cash to re-pay his debts to the IRS.”
He continued,
“And he [Akon] certainly is not using this cash to fulfill his contractual debts to plaintiffs which are the subject of this lawsuit.”
In response to the allegations made, Akon’s rep has this to say:
“They are nothing but innuendo and speculation, made by someone who had a claim against Akon dismissed….Akon is proud of the efforts he is undertaking to create opportunities for his homeland in Senegal.”
What are your thoughts on the claims against Akon? Let us know in the comments below!
[VIA]