Teddy Riley Accused Of Stealing Thousands From Investors With Scam
New Jack City: Teddy Riley Sued For $1.9 Million After Allegedly Creating Complex Online Scam That Stole From Investors
Teddy Riley Accused Of Stealing Thousands From Investors With Scam
Negative Nia needs to get her daddy!
Via Jasmine Brand reports:
R&B singer Teddy Riley is accused of creating a complex online scam to screw investors out of hundreds of thousands and now he has been hit with a $1.9 million dollar federal lawsuit for conspiracy and fraud, theJasmineBRAND.com exclusively reports.
Reportedly, the online investment company, The Receivables Exchange, explains that they are an electronic marketplace where sellers can auction off eligible receivables for sale to investors – which essentially is a company selling off debt owed to them and then the buyer can legally collect on the money owed by the debtor.
The docs note that due to Riley’s fraud and deceit, he screwed buyers of a total of $326,480, which was paid to him in exchange for fraudulent accounts receivables. They claim Riley’s actions have suffered cruel and unjust hardship due to buyers on their website being screwed over.
The investment company is suing Riley and his music company for $1.9 million due to their conspiracy to commit fraud.
Do you think Teddy was involved in the shady scam to steal thousands from investors??
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