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Friday, July 19, 2024

Jay-Z’s Former Colleague Extorts Millions Of Dollars From Him, 2 Lessons To Learn

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Before he reached even an ounce of fame, Jay Z was a street hustler and in fact rapped about it mostly on his earlier music. But it seems he almost got caught on the wrong end of hustling from a former producer. According to Hip Hop DX, the rapper/mogul was recently the target of an extortion plot by music producer Chauncey Mahan. Mahan worked with Jay on Volume 3…The Life and Times of Shawn Carter and the Roc-a-Fella Records compilation album, The Dynasty Roc La Familia.

Mahan was apparently in possession of numerous mastered recordings of the artists which were believed to have been created between 1998 and 2002. TMZ reported that these recordings were valued at an estimated $15 million to $20 million. The website also reported that Mahan would either put the recordings up for auction or sell them to Live Nation for a $100,000 storage fee. Live Nation has a partnership with Jay Z’s record label Roc Nation.

Mahan was on his way to meet with Jay’s representatives but instead, ran into the LAPD, who stopped the plan and had the recordings submitted to a judge. The judge will hold the recordings until it is decided who actually owns them.

Before this incident, Mahan was already an enemgy of Jay Z’s camp. Jay’s former producer, Just Blaze, tweeted some unflattering memories about the record producer.

“This guy ruined every tape transfer for the Dynasty Album,” tweeted Blaze. He posted a series of tweets which entails how Mahan’s work was riddled with mistakes and affected some of the finished product of the biggest songs to date for the artists. “If you listen to Bleek’s version of “is that your b***h” you’ll notice it’s in mono. Why? Bc Chauncey. Lol.”

Representatives for Jay Z have filed a grand larceny complaint with the NYPD, and since Live Nation is based out of California, the Beverly Hills Police are looking into the extortion allegations.

Financial Juneteenth lessons from this story:

1)     When you become wealthy, people from your past are never going to forget who you are.  Be careful about how you treat people on your way to the top and be mindful of who you allow into your space along the way

2)     The laws of extortion are a bit complex and it’s easy to think that you’re not violating the law when you actually are.  Never be tempted to hold something over someone’s head for money without being sure that it’s legal.

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