BOSSIP Exclusive: Music Producer Teddy Riley Wins $1.9 Mill Fraud Suit - Page 2

The Receivables Exchange said Riley screwed out buyers a total of $326,480, which was paid to him in exchange for fraudulent accounts receivables. They said Riley’s alleged actions were despicable and as a result they have suffered cruel and unjust hardship due to buyers on their website being screwed over.

They demanded $1.9 million from Riley. But Riley fired back at the allegations, and claimed the investment website has NO proof that they were harmed by any of his sales through their site. Further, he said that everything he did on the marketplace was legal and no fraud was committed on his part at all.

Riley said all the investment moves he made were seen by the company and nothing was hidden and no conspiracy was going on. He said they cannot sue him especially since they lost no money out of the deals but that would be the people who invested with him.
He demanded the $1.9 million lawsuit be dismissed and the company awarded nothing.

The case had been pending for months but it finally went to trial earlier this month.

The jury in the case heard the evidence and testimony for several days before coming to their verdict on May 5th.

The members of the jury came back with their decision and sided with the music producer. The order states that The Receivables Exchange will take nothing from their complaint and they found Teddy did not commit any fraud.

The case was closed the same day.