A former business partner of Akon argues in recently filed court documents that the “Lonely” artist’s Senegal city plans can be likened to a Ponzi scheme.
Per a report from Page Six this week, Devyne Stephens—who was previously reported to have sued Akon for millions—is now asking a judge to freeze the singer and entrepreneur’s New York assets until the case is resolved.
In related court docs dated March 7 and viewed by Complex, Upfront Megatainment, Inc. and Stephens argue that Akon is “flagrantly breaching two separate contractual promises” that were part of a prior settlement agreement.
And in an affidavit that’s dated March 7, it’s argued that both the Akon City and Akoin ventures have—in the “professional opinion” of an M20 Associates-affiliated consultant and self-described former Special Agent with the U.S. Government—“red flags” associated with business-based schemes.
Here’s more, straight from the affidavit-included comments of the aforementioned consultant, i.e. Scot Thomasson:
In short, Stephens is arguing that an assets freeze would assist in procuring money he says he’s owed from Akon, including royalties. Mentioned elsewhere in the 20-page affidavit are alleged issues with Akon City-related paperwork, claims of unregistered investments via unlicensed sellers, and more. Stephens’ team is arguing this all shows the venture to be “likely a financial scam,” though a rep for Akon has since taken issue with these allegations.
In a statement to Page Six, a rep for Akon said that the claims about his ventures are “not based on any evidence,” arguing that they are instead inspired by a previously dismissed claim in connection with the allegations. “They are nothing but innuendo and speculation, made by someone who had a claim against Akon dismissed,” the rep said this week, adding that Akon is “proud” of the work he’s doing for Senegal.