Akon Lawsuit: Singer’s Futuristic ‘Akon City’ a Scam? Ex-Business Partner Speaks Out
Akon hopes to build a futuristic property named "Akon City" that will feature modern buildings and establishments that will run using a specific cryptocurrency. However, his former business partner is speaking out, labeling the musician's plans as a "Ponzi scheme."
According to Page Six, music executive, Devyne Stephens sued the "Right Now" singer last year for a shocking $4 million.
Stephens, who's worked with the likes of Destiny's Child, Jay-Z, and other iconic musicians, alleged that Akon still owes him money from a separate legal settlement.
Today, the music executive is requesting a judge to freeze all of the singer's assets, arguing that Akon will have a hard time collecting the debt if it isn't frozen.
The lawsuit revolves around the singer's Wakanda-like business venture, a $6 billion project that will make an oceanfront village in Senegal into a futuristic city.
The property will reportedly run under a cryptocurrency called "Akoin."
In Stephen's affidavit, as represented by his lawyer Jeffrey Movit, he claims that the names 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."
He also called out the famed Konvict Muzik producer, saying he didn't provide transparency about the people who are investing in his billion-dollar project or how it will be built.
"Therefore, Akon City is likely a scam," Movit claims.
Stephens isn't the only person who's having a hard time getting his money back from the record producer, as Akon still owes $6 million in taxes for his real estate.
Akon's Camp Speaks Out
In Akon's defense, a representative spoke out about the allegation, saying Stephens' claims about the singer's business ventures are "not based on any evidence."
They also alleged that it's a mere speculation "made by someone who had a claim against Akon dismissed."
Regarding an update about the singer, the rep said Akon is "proud" of his efforts to create more opportunities for the people of Senegal.
At the time of this writing, Devyne Stephens and his lawyer Jeffrey Movit have not publicly commented on Akon's camp's statement.
On the other hand, the singer has not addressed the ongoing lawsuit on his social media accounts.
