Akon’s Ex-Business Partner Calls His Futuristic ‘Akon City’ a Ponzi scheme

According to PageSix, Akon’s ex-business partner recently compared the plans for the futuristic city in Senegal to a ponzi scheme.

Devyne Stephens, a music executive who’s worked with some major acts such as Jay-Z, Destiny’s Child, and Pink, is now suing Akon for $4 million.

Per PageSix:

“Stephens is asking a judge to freeze all of Akon’s Big Apple assets, claiming that without the freeze he’d have difficulty collecting the debt — given Akon’s alleged history of shady practices, according to papers filed in Manhattan Supreme Court Monday. […] Akon’s $6 billion project to turn an oceanfront village in Senegal into an eponymously named Wakanda-like city that would run on a cryptocurrency called “Akoin,” is one example of this, Stephen’s lawyer Jeffrey Movit alleges citing the findings of retired federal Special Agent Scot Thomasson.” 

Thomasson went onto claim that Akon City and Akoin share “many of the trademark characteristics (known as ‘red flags’) of fraudulent business ventures such as Ponzi schemes and pyramid schemes.”

Stephen’s lawyer Jeffrey Movit also noted “Akon has provided almost no transparency about who is investing in Akon City or how it will be purportedly built. Therefore, Akon City is likely a scam.”

In response to the claims, Akon’s rep said: “Mr. Stephens’ allegations about Akon City and Akon’s business ventures are not based on any evidence.” Adding, “They are nothing but innuendo and speculation, made by someone who had a claim against Akon dismissed.”

Source: pagesix.com