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Thread: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

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    Default Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    Business manager Gabrielle Smith's high profile clients are suing her for allegedly stealing over $3 million and using parts of the money to pay other investors while pocketing the rest of the money.

    Through her company, Premier Business Management L.L.C., Smith's client list included DJ Clue, Warner Music Group's Kevin Liles, Fabolous and a slew of music executives. In lawsuits filed in New York Supreme Court in Manhattan, Smith's former clients also named banks, including J.P. Morgan Chase and HSBC, where she held accounts. The suit also shows that at least one former client is filing private claims against Smith's former employers Morgan Stanley and Prudential Securities in the arbitration proceedings. The firms declined to comment on the allegations. J.P. Morgan Chase and HSBC also declined to comment.

    According to sources briefed on the case, Smith has also been indicted on federal charges similar to the allegations made in the aforementioned lawsuit. The charges brought in Brooklyn's Federal District Court, are under seal, meaning that prosecutors may offer a deal for a defendant's cooperation in a separate case. Industry insiders are speculating that Smith may provide information into a money laundering case involving The Inc.'s Irving "Lorenzo" Gotti, his brother Chris and convicted drug lord Kenneth "Supreme" McGriff.

    According to a document filed by prosecutors, Smith's company previously managed a bank account that paid business and personal expenses "on behalf of" McGriff. The money laundering case is slated to go on trial this October.

    Meanwhile, word is Smith's former clients are still trying to understand how they were fooled. Smith was highly respected in the music industry. She had recently vacationed with Jay-Z and Beyonce in the Caribbean and previously dated former Def Jam vice president of promotion, Michael Kyser. Kyser is now an executive at Atlantic Records.

    During a brief phone interview with the New York Times, Smith declined to comment on the record.

    However, her lawyer, Kenneth A. Paul did comment to the Times. "I understand people who say they were victimized and say they lost money are upset," he said. "I don't think it's fair to attribute their losses to Gabriele Smith."

    Premier Financial was located on Manhattan's West 38th street. Smith and her staff routinely paid bills, invested savings and handled finances for their long list of clients. Her company is now associated to Premier Financial Advisors Inc. located on East 60th Street. In court documents and interviews, several of her clients said she forged their signatures to make unauthorized withdrawals and fabricated account statements to cover transactions.

    After dropping out of the University of Maryland, Smith obtained entry-level jobs with Jive Records and Def Jam. In 1995, she earned a slot as a Tommy Boy A&R. The New Jersey Drive soundtrack and Big Noyd's debut, Episodes of a Hustler, are two of the projects she oversaw during her stint at Tommy Boy. She later left the music industry to become a stockbroker and got hired by Morgan Stanley and later Prudential Securities. The two firms had no clue Smith was conducting business on the side. Jim Gorman, a Prudential spokesman, revealed that Smith never asked for the firm's permission to build a side company. He added that they took measures to prevent her from continuing the business the instant they found out.

    As her client list featured high-profiled artists, music insiders and professional athletes, some of her clients eventually discovered that their accounts had been whipped out. According to John T. McGuire, a securities lawyer who represents Richard Ford, aka Skane Dolla of Desert Storm, and several other clients, the majority of the money never made it to Prudential. Kevin Liles also sued Smith, claiming that he lost $450,000 while she was working at Morgan and Prudential.

    Smith's company suffered another blow when Murder Inc.'s offices were raided back in 2003. According to court reports, Premier had managed an account for McGriff as executive-producer of the straight-to-video flick, Crime Partners. The reports also said the flick helped McGriff launder profits from his drug money. A spokesman for the United States Attorney's Office declined to comment. Smith also managed money for Ronald Robinson aka Gutta. Gutta, Ja Rule's manager, was also indicted on money laundering charges. Sources say Gutta grew frustrated with Smith when she paid his bills late. He eventually fired her shortly before her offices were raided. Carline Balan, Jay-Z's executive assistant is the only one to have recovered her money. She reportedly pressured Smith until she returned her $100,000.

    "We've combed through thousands of pages of bank records to try and trace the money," McGuire told the Times. "We have recovered several million dollars for people who were victimized from the financial institutions that were supposed to supervise her. We expect to have some success in recovering additional funds."

    ---------------
    source: www.sohh.com

    more bad news for Gotti and The Inc!

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    I have not understood much the text..that it means?...

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    this always is the same...it is not important...we are with this from the last year and it has never passed nothing...I believe that it will not affect new cd's...They will already go to atlantic and this...

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    lol naw vincinte dis is new and could hurt the inc even more and put gotti in jail for good. if this lady smith is an witness and coporates and puts gotti and mcgriff out their saying that she did work for them and help launder drug money it will get da lil fish which is her off da hook and the feds would catch the big fish which is the gotti's, and that would effect his job at atlantic records... lol doesnt effect ja ashanti lloyd and dem they're all talented enough 2 sign wit another record label

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    dey wudnt offer da job at atlantic...if they knew gotti was gonna go........there not dat dumb....props for the article kill@

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    well they offered him da job bcuz they thought he wasnt guilty and that he would b around but as this shit goes on there is more and more shit on irv and chris they'll drop irv in a heartbeat if he's guilty of course they just believe he's innocent but shit i dont i think they was gettin drug money out the ass specially cuz ja and irv r good friends wit mcgriff, if mcgriff aint give dem the inc money 2 help them and in return they would have 2 help make the drug money then the inc helped mcgriff by giving money 2 help him get as big as he was in new york either way i say that nigga irv n chris is guilty, but hopefully they get away wit it

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    this isnt anybody....this is lyor cohen...him and gotti....go wayyyy back.........he obv knows.. if gotti is ognna go...gotti wouldnt even think about acceptin the job...and lyor wouldnt even think about linking up with gotti...if he knows..at any second..gotti gonn get convicted..........its all bullshit

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    I am sure that it will not pass anything...irv will not go to the jail...

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    ya like you said..................this has beeen goin on for a while...and all they can say is......someone may give info on gotti and supreme...they say it about everyone .......nobodys been talkin...cause theres nothin to say

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    Default RE: Industry Jacked By Finance Scammer w/ Links To "Supreme" and The Inc

    k_kiss, you think that this is bad for the Inc?...it will affect when they go away to atlantic?....

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