Fat Joe Sues His Accountants After Losing Over $300K In Alleged Ponzi Scheme

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Fat Joe has accused his accountant of stealing funds under his and wife’s names, as well as using accounts of a number of MLB players to cover up their crimes.

Joe’s long-time CPA, Andre N. Chammas was fired from the assistant Vanessa Rodriguez, the rapper says he noticed a few issues with the way that Chammas’ company, BDO, was handling his business accounts.

As per The TMZ,he first noticed that a number of AMEX accounts were open in his spouse Lorena Cartagena’s names, with the couple’s knowledge.

Credit cards used for numerous large purchases, such as tuition for Rodriguez daughter and $40,000 in total Uber as well as Uber Eats charges. After further investigation, Joe claims to have observed that several of his business firms were missing deposits of a significant size.

One of his businesses, Sneaker Addict Touring, was defrauded of more than $300,000. He also says that the company attempted to cover the poor management of funds through Ponzi schemes, which involved participants from Colorado Rockies, Houston Astros and Chicago White Sox.

The suit alleges it was the case that AMEX accounts were also created under those of MLB players Jose Iglesias, Luis Garcia and Dayan Viciedo. These accounts were later utilized to transfer money to an BDO client’s account to one, which allowed BDO to run without the need for cash.

It’s not the first time that the Terror Squad leader has been caught up in a legal battle because of an accountant. As of 2012, rapper Joseph Cartagena pleaded guilty to tax fraud in the event of not paying around $700,000 in taxes on income in 2007 and 2008.

In the words of Accountancy Daily the accountant, even though he admitted responsibility for the error, he also explained that he was working with an accountant who neglected to pay his tax obligations during the time. Joe was later sentenced to be sentenced to for four months in federal prison as a result of an agreement on plea bargains.

In 2016, he was slapped with the $1.1 million tax lien due to having not paid or failed to pay his 2008, 2009 2014 and 2010 tax returns According to documents that were obtained through BOSSIP.

Although Joe was the defendant in his latest lawsuit, he is the one who was being sued earlier in the year, alongside his ally Remy Ma and frequent collaborator French Montana. Three of the trio of Bronx natives were then sued by an Florida rapper known as Eric A. Elliott, who claimed to have written their hit song from 2015, “All The Way Up.”

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In the suit, which was filed in the year 2019, Elliott, who goes under the stage name of Fly Havana, claims that he produced the song along with Infared and then presented the track the song to Joey Crack who seemed uninterested in the song initially. The lawsuit goes on to show that Havana was never contacted by his co-producer , or even The Terror Squad rapper and was totally uninvolved at the time the song was released.

Then, in January U.S. District Judge Naomi Reice Buchwald dismissed the case because Elliot was in fact paid for his contributions to the smash hit single. In court Elliot admitted that he had been in contact with Fat Joe at a Miami area IHOP and then sold his rights to the track to the tune of $5,000 because he was “intimidated” by Joe’s street reputation . Joe said the he would be compensated at a later time.

“Elliott’s retrospective frustration at the amount of money notwithstanding, there is no dispute that Elliott signed the contract, assigning his rights to the song, while simultaneously receiving the $5,000 check from Fat Joe in exchange,” Buchwald stated in her decision.

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