The last few tax seasons have been confusing for many people, given the novel pandemic and student loans. The upcoming tax year will be as challenging, especially for rapper Fat Joe.
The “Lean Back” emcee recently found himself involved in a Ponzi scheme that may severely mess up his taxes this year. In worst-case scenario, he might again face tax evasion charges and spend some time in federal prison.
Unfortunately, he caught his latest accountant red-handed in stealing $300K from him.
His Accountant Steals $300K In Ponzi Scheme
It’s hard to find good help these days. It’s especially difficult for celebrities to find people to entrust with handling their financial affairs.
Fat Joe was once burned by a former accountant who failed to file his taxes during the early 2000s. Back in 2012, the rapper owed $700,000 in income taxes.
Unfortunately, Fat Joe’s latest accountant has royally destroyed his finances. Recently, the rapper discovered that his longtime CPA, Andre N. Chammas made several errors in how his firm, BDO, handled his business accounts.
Furthermore, several AMEX accounts were opened under the rapper’s wife’s name, Lorena Cartagena. Additionally, the accountant used several credit cards to pay off his former assistant, his daughter’s college tuition, and Uber and Uber Eats charges.
Furthermore, Fat Joe claims that large deposits went missing from his business entities, including his Sneaker Addict Touring account.
Unfortunately, $300K went missing from the business account alone. That’s a pretty bold move on the accountant’s part.
Moreover, Chammas tried to cover BDO’s tracks by running a large-scale Ponzi scheme. Fat Joe’s accountant opened several other accounts using the names of famous sports teams and players. At this point, Fat Joe may have to do his own taxes.
Fat Joe Sues His CPA For Messing Up His Finances
Now facing another tax evasion case, Fat Joe might be seeking some severe compensation for the damage his accountant caused.
Recently, the rapper filed a lawsuit against Chammas for mismanaging his money. Additionally, the lawsuit claimed that the several accounts opened by Chammas transferred money from one BDO account to another.
This way, the company could conduct business without the use of physical money. Talk about sketchy business.
