Akon Responds To His Former Business Partner That He Is Running A Ponzi Scheme

In response to his earlier enterprise companion’s accusations that he’s operating a Ponzi scheme, Akon issued an announcement reports Advanced.

 Black Enterprise beforehand reported that Devyne Stephens is suing the Senegalese singer for near $four million primarily based on unpaid royalties owed to him through a contractual settlement between the 2 events.

Stephens alleges that Akon’s plans to construct a futuristic Akon Metropolis in Senegal that may use Akoin, a digital foreign money, to maintain the native financial system, are fraudulent. 

The singer intends for Akon Metropolis to function as a “100 p.c crypto-based metropolis” on 2,000 acres granted by the Senegalese President. Based on Akoin’s website the mission shall be a “main Sensible Metropolis planning designs with a clean canvas for cryptonizing our day by day human and enterprise exchanges, in direction of inventing a radical new means of existence.”

Former Federal Particular Agent Scot Thomasson stated that “The Akon Metropolis and Akoin ventures have lots of the trademark traits (often called ‘pink flags’) of fraudulent enterprise ventures akin to Ponzi schemes and pyramid schemes. Due to this fact, it’s probably that Akon Metropolis and Akoin are a part of a fraudulent money-raising scheme,” primarily based on the affidavit filed on March 7, Advanced experiences.

Akon’s reps despatched a statement to Web page Six arguing there is no such thing as a proof to substantiate the allegations towards the “Locked Up” singer’s plans to interrupt floor for the $6 billion metropolis. 

 “Mr. Stephens’ allegations about Akon Metropolis and Akon’s enterprise ventures will not be primarily based on any proof.”

“They’re nothing however innuendo and hypothesis, made by somebody who had a declare towards Akon dismissed,” stated Akon’s rep addressing a earlier lawsuit made by Stephens that tossed out of court docket. 

“Akon is pleased with the efforts he’s enterprise to create alternatives for his homeland in Senegal,” ended the assertion.

On Monday, Stephens requested {that a} New York choose freeze Akon’s belongings for “flagrantly breaching two separate contractual guarantees.” Stephens additionally claims there are irregularities with the paperwork filed for Akon Metropolis and unregistered investments, experiences Advanced. 



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