Jermaine Dupri Says SunTrust Bank Took Advantage of Him Because He Didn’t Finish High School, Files Countersuit
I just don’t know about these celebs, y’all.
Jermaine Dupri’s money struggles are no secret. For months we’ve been reporting on the financial crumbling of his former hip-hop empire. Initially, word began circulating that the 40-year-old North Carolina native was drowning in debt and unable to financially stay afloat after reports leaked that he owed SunTrust Bank $2 million from a $4.8 million loan that he took out with them. To make matter worse, he was also in danger of losing his rights to popular So So Def tracks, since he used them as collateral when he first applied for the loan.
Shortly after these reports surfaced, J.D. took to social media to slam the financial institution and deny reports. According to his story, he didn’t owe SunTrust a single red cent. While we seriously hoped that this was true, recent reports suggest otherwise. TMZ is reporting that J.D. is calling “flag on the play” against the bank. His recently filed counter lawsuit claiming that the bank took advantage of him and scammed him out of millions of dollars because he’s uneducated.
In the suit, the hip-hop mogul is alleging that his personal banker showered him with gifts and lavish dinners, then turned around and took advantage of the fact that he never finished high school by coercing him into signing a new loan agreement. J.D. says the banker comforted him by telling him that the new agreement was for his benefit. In actuality, the new agreement increased his monthly loan payments, but J.D. insists that he was never made aware of this. He ultimately defaulted on the loan and had to sell his recording studio and his So So Def catalog to pay off his loan. So far there has been no word on whether or not he had to sell the entire catalog or just a few tracks. Here’s the kicker though. According to the lawsuit, his studio was worth $2.5 million and the catalog was worth $20 million. To top it all off, Jermaine reportedly owes $79,000 on his Lamborghini and has to pay $800,000 in back taxes to the IRS.
Although J.D. certainly should’ve educated himself on whatever terms he was consenting to when he signed the new loan agreement, this story is pretty sad. Trusted financial advisors should be a Hollywood necessity.
What are your thoughts on Jermaine’s money struggles?
Follow Jazmine on Twitter @jazminedenise.