Akon Accused Of Being A Scammer, Allegedly Running A ‘Ponzi Scheme’ Project

Music Exec Accuses Akon Of Running A Fraudulent ‘Ponzi Scheme’ Project

Music industry veteran Devyn Stephens is suing Akon, for allegedly scamming him. Devyn came to New York to ask a judge to freeze all of Akon’s assets.

According to Devyn, without the freeze he’d have difficulty collecting a multi-million dollar debt that Akon owes him, because of the African rapper’s alleged history of shady practices.

And he explained what he describes as a new “scam” that Akon is running.

 

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Akon currently is trying to get investors to help finance his $6 billion project to turn an oceanfront village in Senegal into a Wakanda-like city that would run on a cryptocurrency called “Akoin.”

Devyn’s lawyer hired a retired federal Special Agent Scot Thomasson, who reviewed the plans of Akon’s new investment and he found, “Akon City and Akoin show many of the trademark characteristics (known as ‘red flags’) of fraudulent business ventures such as Ponzi schemes and pyramid schemes.”

“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,” the lawyer wrote, citing Thomasson’s affidavit.