Federal judge denies motion rejected by President Kasseem “Swizz Beatz” in a 1MBD scandal
A federal judge ruled that music producer and top collector Kasseem Dean must remain the defendant in a bankruptcy case linked to the high-profile 1MBD scandal. The lawsuit will now go to the discovery section of the lawsuit.
In February, Dean filed a motion to fire himself and two of the only companies owned by Monza Studios and Swizz Beatz Productions as defendants in the case, which was first filed against Dean and the two companies in October 2024 in the U.S. District Court in the Southern District of New York.
In the legal arguments raised in the motion for dismissal, the plaintiff’s “lack of a position to make a claim”, that is, the alleged charges exceed the limits, and the plaintiff did not plead for sufficient facts to state the claim in his lawsuit and demanded the dismissal of the party. “[E]The claim claimed by the liquidator is a fatal flaw.
The motion added: [plaintiffs] Propose this action on the noble premise of restoring assets in the interests of creditors. In fact, the lawsuit was used as a malicious tool to exert pressure on legal, irrecoverable assets through embarrassment [plaintiffs’] His own words, “famous record producer”. ”
On September 26, Judge Naomi Reice Buchwald issued a ruling denied the motion to dismiss and state that the plaintiff’s claim was “attacked from time to time”, and that the plaintiff “has the right to file a claim, and the court has the jurisdiction of the subject to hear their liability” and “support specific facts and support specific facts about actual fraudulent fraud.” ”
The plaintiffs in the case were Angela Barkhouse and Toni Shukla, the joint liquidators of four companies, labeled as the “insolvent entity” in the ruling. The plaintiff’s lawsuit charges two counts of fraudulent transport and one count of injustice.
Send to Artnewsattorney Casey D. Laffey, representing the plaintiff, said: “We are satisfied with this good and thorough decision. The funds should be returned so that our clients can properly fulfill their obligation to return the funds to Sovereign Wealth Funds in Malaysia and ultimately transfer the case to Malaysia.
The attorney representing Dean and his company did not respond ArtnewsMake a request for comment.
According to the judge’s ruling, the ruling provided a summary of the plaintiff’s complaint, Dean, a friend of Low Taek Jho (also known as Jho Low), who allegedly “planned the now-hazardous $7.65 Billon fraud… [1MDB] Sovereign Wealth Fund. ”
The plaintiffs sought to recover $7.3 million, which transferred Affinity Equity International Partners Limited and Alsen Chance Holdings Limited, two companies that were once from Low Conloting to Dean and his company.
The ruling continued: “In this case, the alleged fraudulent transfer involves a small portion of transactions that include a larger 1MDB fraud.” Judge Reice Buchwald added that the current lawsuit does not claim that “Dean is a participant in the 1MDB fraud, not that he allegedly received the fraudulently obtained funds.”
Dean and his company allegedly received funds as part of two bond issuances, each of which was issued $1.75 billion, designated by 1MDB to purchase a power production company (“Project Magnolia”) and acquire energy assets (“Market Project Magnolia”).
But, the ruler said:[n]Both the Magnolia project and the Maximus fund project can reach the intended destination. According to the ruling, some of the funds will allegedly travel to Dean and his company through various Shell companies of the Lower or his colleagues.
Judge Reice Buchwald’s ruling provides a form detailing the so-called deals that took place between 2012 and 2017 and allegedly originated from Dean or his company’s 1MDB fund. The tables claimed that the dean received a total of $2.2 million; Monza Studios received a total of $1.8 million; Swizz Beatz Productions received a total of $1.5 million.
The ruling also shows that Dean is also the owner of the U.S. Department of Justice’s previous work to recover as part of 1MDB, Andy Warhol Round Jackie (1964), LOW is said to be given to Dean in 2014. Dean handed over the work in 2020. In 2024, the Justice Department took back several works related to 1MDB, including Warhol and Monet of Low, and Picasso, a former former consultant of 1MDB. Earlier this month, the U.S. Marshal held an auction of works by Picasso, Basquet and other artists related to the 1MBD scandal, with a net scandal of $36 million.
