Tuesday, September 21, 2021

Teddy Riley Sued for $1.9M for Fraud Against Investment Company

teddy riley,*Uh-oh! Teddy RIley is in trouble.

The music producer and artist is accused of scamming investors out of hundreds of thousands. Now he’s being sued for $1.9. million for conspiracy and fraud.

The Receivables Exchange, an online investment company, is an electronic marketplace. Sellers can auction off eligible receivables for sale to investors.

The investment company sells off debt owed to them.  As the debtor owes money, the buyer can legally collect on that money.

According to the JasmineBRAND.com, Riley agreed to sell receivables back in 2013 through his TR Music Company. The investment company claimed he sold receivables to fake accounts. This money would never be paid by the account debtor TR Music, but he collected the money from the sale.

Riley allegedly cheated buyers out of a total of $326,480, which he received due to the fake accounts he created. Also, he shared the fraudulent money with co-conspirators.

Read the court documents here.

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5 COMMENTS

  1. uh-oh is right – problem is, he’s not doing much different from what those lily-white scam artists on wall street are doing, he’s just playing with a smaller crowd, smaller schemes and a smaller cash flow – I’ve seen friends and coworkers lose much more in dealings that were supposed to be legit and they weren’t, and nothing happened to those criminals – I know to stay away from the stock market or anything related or similar; I do exceptionally well without it …

  2. Not surprised..he’s been having money problems in recent years and was probably hard-strapped for cash. After all, I do believe he filed for bankruptsy or was in foreclosure a couple of years ago.

  3. Grammy Platinum Icon Teddy Riley Responds to 1.9 Million Dollar Lawsuit Allegations “SMH”
    ~ It is amazing how news, rumors, hear say and dirty gossip develops when unreliable sources release an uncarefully crafted story. From reading the hilarious commentary of unpaid comedians to the lack of luster one liners who claim they have the edge on what’s going on, every voice on social media wants to be heard.

    Our society thrives on the worst possible scenario in any situation. It is the new hot and ongoing reality of today and grant it, the comment section on all media platforms is open game and public opinion speaks loudly.

    “We also decided to speak back says Monica Anders, PR Strategist for Icon Teddy Riley and his full response and comment to these allegations is SMH!

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