Posted by Through both his extensive philanthropic work and successful musical career, Akon has accumulated a great deal of wealth over the years. In 2020, the Konvict Music mogul said he’s even secured $4 billion dollars from investors to begin construction on a “futuristic cryptocurrency themed city” in Senegal. The city would have parks, hotels, a stadium and would rely entirely on Akon’s digital currency “Akoin.”
However, Devyne Stephens, Akon’s ex-business partner who was previously a music executive for Jay-Z, Destiny’s Child and others, said in a March court filing that the “Smack That” singer is running a Ponzi scheme with this futuristic city and demanded a judge freeze his New York City assets.
Via Page Six, Akon’s lawyers bit back at Stephens in court documents filed to the Manhattan Supreme Court on Monday (April 4). The documents accused the former business partner of trying to “damage Akon’s reputation out of spite while he is engaged in some of the most consequential and ambitious projects of his entrepreneurial career.” Akon’s lawyers added the lawsuit was “character assassination,” and wrote that the suit has “inflicted unwarranted damage on Akon.”
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Stephens had also previously accused the Senegalese songwriter of owing him $4 million in unpaid royalties in a separate 2018 lawsuit. He had previously called Akon a “dishonorable spendthrift that shirks his responsibilities and does not keep promises.”
The 2018 suit came after Akon had reportedly agreed to pay Stephens $3.25 million over the course of four years, but then allegedly backed out of paying the last $750,000 installment. This was the third time Stephens had taken Akon to court since helping the Senegalese singer launch his career in 2004.
Akon is asking the judge to reject Stephens’ request to freeze his assets.
Listen to the mogul speak on his “Akoin” cryptocurrency below.