Akon opened up about his ex-business partner calling his futuristic Akon City a “Ponzi scheme.”
Akon created his own futuristic city in his native Senegal, called “Akon City.” He told DJ Vlad that he purchased the land for the $6 billion 3-mile city, and he added that government officials in Senegal are providing the city its own police force.
When completed, Akon City will be home to 300,000 residents.
Akon also explained the city’s tax-free economy would be based on his “Akoin” cryptocurrency, which he said would replace the French-owned currency in Senegal.
Akon’s former business partner, DeVyne Stephens, sued Akon in 2021 for nearly $4 million, alleging that Akon City is a Ponzi scheme.
Stephens asked a New York judge to freeze Akon’s assets, according to documents filed in Manhattan Supreme Court Monday.
Retired federal Special Agent Scot Thomasson told Page Six Akon City and Akoin show “many of the trademark characteristics … such as Ponzi schemes and pyramid schemes,” Thomasson claims in his affidavit.
“Akon has provided almost no transparency about who is investing in Akon City or how it will be purportedly built. Therefore, Akon City is likely a scam,” Movit wrote, citing Thomasson’s affidavit.
Akon’s rep responded to the allegations in a statement to Page Six, saying the claims are “not based on any evidence.”
“They are nothing but innuendo and speculation, made by someone who had a claim against Akon dismissed,” the rep said. The rep added that Akon is “proud” of the work he’s doing in Senegal.