Rapper and record producer Swizz Beatz has been surrounded by a monetary scandal that reportedly involved Fugees member Pras. According to documents obtained by media outlet HotNewHipHop, authorities filed a lawsuit in New York on October 2, 2024, alleging that he received $7.3 million in stolen funds from Malaysian businessman Jho Low and his associates as part of the 1Malaysia Development Berhad scheme (1MDB).
This involves the embezzlement of billions from 1MDB by fugitive Jho Low, his associate Eric Tan, and others. Low, however, has denied any involvement. Liquidators filed a lawsuit against Beatz for fraudulent conveyance and unjust enrichment.
As per Celebrity Net Worth, Swizz Beatz has a net worth of $150 Million combined with his wife. Notably, he is not the only hip-hop figure allegedly involved in this case.
In 2023, authorities convicted Pras for obstructing US investigations into Jho Low. The lawsuit stated that during the 1MDB fraud, Jho Low became a prominent figure in Hollywood for his wealth and extravagance, celebrity-filled parties, and group vacations.
Throughout the early 2010s, Low formed friendships with many US celebrities, including Swizz Beatz and Alicia Keys, who purchased a 25,000-square-foot mansion in Englewood, New Jersey, for $10.4 million from Eddie Murphy in 2013.
In 2015, they acquired an adjoining property for $1.7 million. They initially listed the estate for sale in 2015 for $14.9 million but re-listed it in 2016 for $9.9 million and ultimately sold it for $6 million in April 2022.
They also serve as co-chairs of the Gordon Parks Foundation, dedicated to preserving the legacy of Gordon Parks, a renowned photographer, filmmaker, and musician. Together, the couple has amassed the largest private collection of Parks' works.
Swizz Beatz’s Monza studio was paid $800K in 2013
Regarding the monetary fiasco, liquidators aim to recover funds taken from Affinity Equity International Partners Limited and Alsen Chance Holdings Limited, both linked to the 1MDB scandal and currently undergoing liquidation in the British Virgin Islands (BVI).
The liquidators are pursuing $3.3 million in damages from Swizz Beatz Productions, $1.8 million from Monza Studios, and $2.2 million from Swizz himself, along with other legal fees.
According to reports, Affinity paid Swizz Beatz's Monza Studios $800,000 in November 2013, followed by an additional $1 million in December. Beatz allegedly received $500,000 in June 2014, $300,000 in July, and $1.4 million in September, as outlined in court documents.
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Concerning his fortune, Beatz became a partner at the clothing brand Kidrobot in 2003. In 2010, he announced a new sneaker line with Reebok through Twitter and was involved in the design and launch of the Aston Martin Rapide that same year. He became the official ambassador for Lotus Cars in 2011 and returned to Aston Martin in 2013.
In early 2013, he joined the board of Monster and reportedly made a significant investment in the company. He promoted the Monster GODJ DJ mixing unit and the Monster 24k Headphones. Between September 2017 and September 2018, Swizz Beatz earned $15 million, largely due to a multi-million dollar endorsement deal with Bacardi.
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