Rapper Akon’s legal troubles with his former business partner Devyne Stephens continue to rumble.
Devyne Stephens claims that he is owed millions from the “Locked Up” singer and believes that a court should freeze the artist’s bank accounts for him to be paid.
Stephens helped launch Akon’s career and the successful Konvict Music label. Stephens claims he is owed 40% of everything Akon’s has made since 2006, including touring income, record sales, and royalties.
According to Page Six, Stephens filed his petition with a Manhattan Supreme Court on Monday, March 7th, hoping a judge would freeze Akon’s assets in New York.
The rationale is that by doing so, it would force Akon to pay out the $4 million from the debt the artist owes to the producer.
In the paperwork, Stephens’ lawyer Jeffrey Movit alleges that the multi-platinum international sensation has engaged in shady business practices and even called his Senegalese municipal project “Akon City” a “Ponzi scheme.”
Movit and Stephens have based this assessment on testimony from retired federal Special Agent Scot Thomasson, who investigated the $6 billion project.
The agent stated that the rollout of Akon City and Akoin has “many of the trademark characteristics (known as ‘red flags’) of fraudulent business ventures such as Ponzi schemes and pyramid schemes.”
Movit, working on behalf of Stephens, cited Thomasson saying, “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,” he said of the high-tech Wakanda-like city.
The court documents claim that Akon is also cash strapped and owes the IRS more than $6 million in unpaid taxes in addition to being an unscrupulous businessman.
Akon’s team has responded to the allegations saying, “Mr. Stephens’ allegations about Akon City and Akon’s business ventures are not based on any evidence. They are nothing but innuendo and speculation, made by someone who had a claim against Akon dismissed.”
The spokesperson for the “Lonely” artist referred to an earlier version of Stephen’s lawsuit that a judge tossed out.
The statement concluded, “Akon is proud of the efforts he is undertaking to create opportunities for his homeland in Senegal.”
The development of the city, located on the coastal part of Senegal, used to be an oceanside village in Mbodiene in the region ofThiès.
Construction on Akon City started on August 30th, 2021. When completed, the plan is to run the city totally on a cryptocurrency called “Akoin,” which will become the home to an estimated 300,000 people.
The city’s website states that the city will be developed into districts: African village culture; Offices and Residential; Entertainment; Health and Safety; Education; Technology; and Senwood.
The developers hope to be on the cutting edge of economic development, technological advancement, and personal investment in people.
“The system back home treats them unfairly in so many different ways that you can never imagine,” he said in 2020. “And they only go through it because they feel that there is no other way.”
“So, if you’re coming from America or Europe or elsewhere in the diaspora and you feel that you want to visit Africa, we want Senegal to be your first stop,” Akon said.
