News: Stay Schemin': Drake's Getting Scammed Out Of Millions, Says Music Exec
Friday, Jul 27, 2012 7:23AM
A music executive claims Young Money star Drake is getting scammed by his management and has yet to reap the financial benefits of hit record royalties.
According to reports, music executive James "Jas" Prince has taken legal action against Drizzy's management.
The music exec who discovered Drake says that the rap star's management company has been cheating him out of big bucks -- and that Drake is being ripped off to the tune of millions as well. In papers filed in Manhattan Supreme Court, James "Jas" Prince says that he discovered Drake on MySpace back in 2007 and introduced him to Lil Wayne and the bad-boy rapper's managers -- only to get cut out of the deal. They later agreed to give Prince a share of Drake's earnings, but he has yet to see a penny of that money, the suit says. More shocking, though, the suit claims the managers also have failed to pay Drake any of his royalties from his hit records. "He hasn't been paid, and we haven't been paid," said Prince's lawyer, James McMillan. A rep for the managers, Aspire Music Group, Laurant Management and Three Kings, did not return a call for comment. A rep for Drake did not return a call for comment. (New York Post)
Earlier this year, Cash Money Records got sued over unpaid royalties.
Music giant EMI says Cash Money Records, the label that is home to rappers like Lil Wayne, Drake, and Nicki Minaj, owes nearly half a million dollars in royalty payments from a settlement agreement. In November 2009, EMI filed a copyright infringement lawsuit against Cash Money in federal court in Manhattan. The licensing dispute resulted in a settlement agreement where Cash Money said it would pay royalties for the EMI songs Cash Money's artists sampled on their own albums. But EMI says it had to sue again because Cash Money stopped making its quarterly royalty payments. (Courthouse News Service)
Prior to Drizzy dismissing the rumor, reports claimed he had royalty issues and got removed from Young Money last year.
Now, this is a good one. There are rumors that Drake was unceremoniously kicked out of Young Money after he had a major argument with both Baby and Lil Wayne. Apparently, Drake was owed money for past royalties and felt the need to get more credit for his contributions to YM. From what I understand, there is no truth to this rumor. Actually, somebody hit me up to tell me it wasn't true. That's not to say there aren't similar rumors. That's to say this one isn't on the money. (All Hip Hop)
Despite the alleged money woes, the rapper recently copped a $7.7 million California mansion.
This beautiful estate features seven bedrooms, nine bathrooms and is more than 7,444 square feet. The home features a multi-million dollar pool that boasts cascading waterfalls, an 80-foot water slide and a grotto (watch out, Hugh Hefner). Other exterior features include a tennis court, five horse stall facilities with riding area (remember he said "my aunt, she rode equestrian," so that clearly makes sense), a sand volleyball court, commercial bathrooms, a mechanical bull and viewing pavilions to name a few. Oh, and if you think that mechanical bull is random, it's really not. The property was developed by Larry Pollack, owner of the famed Saddle Ranch Chop Houses. Now you get it. (E! Online)
Check out a recent Drake interview below:
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