Swizz Beatz Ordered to Face 1MDB Bankruptcy Case
Music producer Kasseem Dean, known professionally as Swizz Beatz, has been ordered to remain a defendant in a bankruptcy case linked to the 1MDB scandal. The ruling by Judge Naomi Reice Buchwald comes despite Dean's attempt to dismiss himself and his companies, Monza Studios and Swizz Beatz Productions, from the case.
The case, brought by plaintiffs Angela Barkhouse and Toni Shukla, alleges that Dean and his companies received a total of $5.5 million from funds originating from the 1MDB scandal. Dean's companies received $1.8 million and $1.5 million respectively, while Dean personally received $2.2 million. The plaintiffs seek to recover these funds, which were allegedly transferred by Low Taek Jho, the alleged mastermind behind the 1MDB fraud.
The plaintiffs have accused Dean of two counts of fraudulent conveyance and one count of unjust enrichment. They claim that Dean's companies benefited from the fraudulent transfer of funds. Despite Dean's motion to dismiss, Judge Buchwald ruled that the case should proceed to the discovery phase.
In a related development, the US Marshals auctioned off famous paintings connected to the 1MDB scandal, raising $36 million. Among the artworks was a recovered Andy Warhol painting, 'Round Jackie', which was handed over to the US Department of Justice by Dean in 2020.
The case against Swizz Beatz and his companies will now enter the discovery phase, where both sides will exchange information and evidence. The plaintiffs aim to recover the $5.5 million they allege was fraudulently transferred. Meanwhile, the successful auction of famous paintings connected to the 1MDB scandal highlights the ongoing efforts to recover funds from the massive fraud.
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