Tweet
Witness Says Ruff Ryders Aided The Inc., Defense Refutes Claims With Cash
The second day of dramatic testimony is currently taking place (Nov. 17) as the money laundering trial of Irv “Gotti” Lorenzo, who has dropped the “Gotti” moniker from his name, recently resumed from recess.
Celebrities such as Damon Dash and Ja Rule attended the high-profile trial, which accuses The Inc. of laundering over $1 million in drug proceeds from Kenneth “Supreme” McGriff’s drug operations.
During the first half of day two of the trial, one of federal prosecutor’s star witnesses- Donnell Nichols – testified today and implied that Kenneth “Supreme” McGriff was aided in a laundering scheme by the Ruff Ryders Record label, which allegedly paid McGriff thousands of dollars in $5 and $10 dollar bill increments.
The comments drew gasps from spectators.
Irv’s attorney Gerald Shargel cross-examined Nichols and slammed his comments, claiming that Nichols could not be trusted because he was a homeless individual who frequently slept at the Greyhound Bus terminal.
Shargel then brought out suitcases and demonstrated – with actual cash – how the vasts sums of money Nichols claimed to be laundered – would not fit into suitcases he claimed to have seen laundered.
Yesterday, prosecutors claimed that drug money was being laundered through an account associated with platinum-selling rapper, Ja Rule.
Fed’s claim that a portion of McGriff’s ill-gotten drug proceeds were laundered through an account called Ja Rule’s tours.
Attorney’s for the Lorenzo’s stated that cash was frequently in The Inc.’s offices, because their artists were paid cash advances up-front for their services.
Shargel pointed out that Ja Rule’s contract called for $7500 in cash up front as a deposit for his professional services.
"Cash came in bags, cash came in shoeboxes, cash was floating," Shargel said.
Irv’s brother Chris was labeled a “degenerate gambler,” which was the reason he had close to $35,000 in cash, in his office safe, when police raided the label.
Prosecutors also claim The Inc. paid McGriff over $280,000 in corporate checks and that a check made out to an auto-body shop for $75,000 was actually cashed by McGriff – just weeks before he entered prison on gun charges in 2002.
Both and Irv and Chris Lorenzo face up to 20 years in prison if convicted on money laundering charges.
McGriff is facing an upcoming trial facing charges of racketeering, three murders – including rapper Eric “E-Money Bags” Smith - and drug trafficking.
Source: allhiphop.com
Celebrities such as Damon Dash and Ja Rule attended the high-profile trial, which accuses The Inc. of laundering over $1 million in drug proceeds from Kenneth “Supreme” McGriff’s drug operations.
During the first half of day two of the trial, one of federal prosecutor’s star witnesses- Donnell Nichols – testified today and implied that Kenneth “Supreme” McGriff was aided in a laundering scheme by the Ruff Ryders Record label, which allegedly paid McGriff thousands of dollars in $5 and $10 dollar bill increments.
The comments drew gasps from spectators.
Irv’s attorney Gerald Shargel cross-examined Nichols and slammed his comments, claiming that Nichols could not be trusted because he was a homeless individual who frequently slept at the Greyhound Bus terminal.
Shargel then brought out suitcases and demonstrated – with actual cash – how the vasts sums of money Nichols claimed to be laundered – would not fit into suitcases he claimed to have seen laundered.
Yesterday, prosecutors claimed that drug money was being laundered through an account associated with platinum-selling rapper, Ja Rule.
Fed’s claim that a portion of McGriff’s ill-gotten drug proceeds were laundered through an account called Ja Rule’s tours.
Attorney’s for the Lorenzo’s stated that cash was frequently in The Inc.’s offices, because their artists were paid cash advances up-front for their services.
Shargel pointed out that Ja Rule’s contract called for $7500 in cash up front as a deposit for his professional services.
"Cash came in bags, cash came in shoeboxes, cash was floating," Shargel said.
Irv’s brother Chris was labeled a “degenerate gambler,” which was the reason he had close to $35,000 in cash, in his office safe, when police raided the label.
Prosecutors also claim The Inc. paid McGriff over $280,000 in corporate checks and that a check made out to an auto-body shop for $75,000 was actually cashed by McGriff – just weeks before he entered prison on gun charges in 2002.
Both and Irv and Chris Lorenzo face up to 20 years in prison if convicted on money laundering charges.
McGriff is facing an upcoming trial facing charges of racketeering, three murders – including rapper Eric “E-Money Bags” Smith - and drug trafficking.
Source: allhiphop.com