Riley Scores Legal Victory Against Online Company
Music producer Teddy Riley scored a huge legal victory in the $1.9 million dollar legal battle accusing him of fraud.
A jury found the producer innocent of any alleged wrongdoing, BOSSIP has learned. The online investment company The Receivables Exchange filed a federal lawsuit against Riley accusing him of conspiracy and fraud. The company explained 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 Receivables Exchange said that in 2013 Riley agreed to sell certain receivables owed to him via his TR Music Company. The company said Riley created fake accounts receivables to sell on the marketplace, which would never be paid by the account debtor TR Music, and instead would collect the money from the sale and spread it out to the co-conspirators involved in the fraud and deceit.