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Yahoo
20 minutes ago
- Yahoo
Sean Combs: music pioneer, entrepreneur -- and convicted felon
Even during his federal criminal trial in New York, the descriptions of Sean Combs were frequently those of awe: one former assistant called him "a god among men." "Larger than life," said witnesses over and over -- his accusers included. And that he was, until it all came crashing down. The music and entertainment titan known for his legendary A-list "white parties" had multiple mansions, a private jet, a business empire and scores of accolades. Then in September 2024, he was arrested on sweeping charges including running a criminal ring that allowed him to commit harrowing sexual abuse. And after a two-month long courtroom saga, a jury of 12 New Yorkers on Wednesday found him guilty of two prostitution-related counts -- but acquitted him of more serious allegations of racketeering and sex trafficking. The outcome was not what prosecutors had hoped for -- a decisive conviction for grave crimes that could have kept him incarcerated for life. Nevertheless, even before the blockbuster proceedings began, Combs's reputation was in tatters. The 55-year-old still faces dozens of civil lawsuits in which he is accused of lurid abuse. And even his own team's defense came back to haunt him: the federal judge denied Combs bail as he awaits sentencing, reading back his attorneys' words in which they conceded again and again that he has a record of violence. - Rebrands upon rebrands - Combs, the founder of Bad Boy Records whose proteges included the late Notorious B.I.G. and Mary J. Blige, was known as a high-flying, smooth-talking kingpin who ushered hip-hop from the underground to bottle-service clubs. He was continuously rebranding -- his monikers include "Puff Daddy," "P Diddy" and, more recently, "Brother Love." Court proceedings revealed a much seedier side, casting him as a violent, domineering boss whose inner circle helped him live life with impunity. Even before his arrest, the mushrooming accusations and legal action left many of his businesses reeling. There were symbolic measures as well: the city of New York had rescinded the honorary key they had bestowed upon him. But as was clear outside the courthouse throughout the proceedings, he still has a loyal fan base, especially in the city where he made his name. - Party boy and hip-hop mogul - Born Sean John Combs on November 4, 1969, in Harlem, the artist entered the industry as an intern in 1990 at Uptown Records where he eventually became a talent director. He gained clout as a party planner, which would remain central to his brand. In 1991, he promoted a celebrity basketball game and concert at the City College of New York that ended in a stampede, leaving nine people dead. The event was over-capacity by the thousands and resulted in a string of lawsuits, with Combs blamed for hiring inadequate security. He was fired from Uptown, and founded his own label, Bad Boy Records. Thus began his quick ascent to the top of East Coast hip-hop. The Notorious B.I.G. became the genre's king following the release of his landmark debut album "Ready to Die" in 1994, up until his shock murder in 1997. Combs boasted a number of major signed acts and production collaborations with the likes of Blige, Usher, Lil' Kim, TLC, Mariah Carey and Boyz II Men. He was also a Grammy-winning rapper in his own right, debuting with the chart-topping single "Can't Nobody Hold Me Down" and his album "No Way Out." The smash hit single "I'll Be Missing You" was a tribute to Biggie. His other major tracks included "It's All About The Benjamins" and "Been Around the World." He built an image as a brash hustler with unapologetic swagger, a major producer who also ventured into Hollywood, reality television and fashion. He was known as a ladies' man -- he had a high-profile relationship with Jennifer Lopez. - 'Next chapters' - As recently as 2023, Combs was still on top of the world -- releasing a new album and taking a victory lap as he accepted lifetime honors including a "global icon" award from MTV. But his star plummeted rapidly in November of that year, when his former partner of 11 years, Casandra Ventura, filed a civil suit with a litany of allegations including a 2018 rape. Combs settled the suit almost immediately, but months later, it became clear that federal investigators were trailing him. His mansions were raided and many possessions seized. Then came his arrest and, nearly eight months later, his high-stakes federal trial. Combs's defense conceded that he committed brutal violence. But they insisted that those instances did not amount to the extensive charges he faced -- and won. Combs routinely brought self-help books or Bible passages with him to the courtroom, and his lawyers argue he's an evolving man. He has six adult children, and a two-year-old named Love Sean Combs. "He's been given his life back," his attorney Marc Agnifilo said Wednesday. "He's going to have next chapters of his life." mdo/sst
Bloomberg
23 minutes ago
- Bloomberg
Bloomberg Law: Sean Combs Cleared of Top Charges
Former federal prosecutor Robert Mintz, a partner at McCarter & English, discusses why a jury acquitted Sean "Diddy" Combs of the most serious charges against him. Kenneth Marcus, founder and CEO of The Louis D. Brandeis Center for Human Rights Under Law, discusses the Trump administration's latest legal front against Harvard University. June Grasso hosts.
Yahoo
27 minutes ago
- Yahoo
Judge again denies request to slash Ripple's SEC penalty
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. A federal judge, for the second time, has shot down a request from the Securities and Exchange Commission and cryptocurrency firm Ripple that the latter's penalty be reduced. 'The SEC, like any other law enforcement agency, has discretion to change course after an enforcement action is initiated,' Judge Analisa Torres of the U.S. District Court for the Southern District of New York wrote Thursday. 'But the parties do not have the authority to agree not to be bound by a court's final judgment that a party violated an Act of Congress in such a manner that a permanent injunction and a civil penalty were necessary to prevent that party from violating the law again.' The SEC sued Ripple in December 2020, alleging the company's token, XRP, is a security. After a court battle that spanned more than half of the Biden administration, Torres ruled that XRP counts as a security only when it's sold to institutional investors – not to the general public. Torres handed Ripple a $125 million penalty last year. However, the SEC, under new management by the Trump administration, asked Torres in May to dissolve her injunction so that $75 million of that penalty could be returned to Ripple. Torres refused, noting that the request should have cited Rule 60, which demands the parties demonstrate 'exceptional circumstances.' Ripple and the SEC cited that rule in their follow-up, but Torres asserted that the Supreme Court has held firm that the judgment of a court is 'not merely the property of private litigants.' 'It is a final judgment that belongs 'to the legal community as a whole' and 'should stand unless a court concludes that the public interest would be served by a vacatur,'' Torres wrote Thursday. Torres suggested the SEC and Ripple appeal her injunction, or withdraw their appeals of her previous ruling, which are pending before the 2nd Circuit. 'Neither option involves requiring this Court to absolve Ripple of its obligations under the law,' Torres wrote Thursday. Ripple CEO Brad Garlinghouse indicated Friday, in a post on X, that the company 'is dropping [its] cross appeal, and the SEC is expected to drop their appeal, as they've previously said.' 'We're closing this chapter once and for all, and focusing on what's most important – building the Internet of Value,' Garlinghouse wrote. In a separate X post, Stu Alderoty, Ripple's chief legal officer, wrote that the court 'gave us two options.' 'Either way, XRP's legal status as not a security remains unchanged,' Alderoty wrote Thursday. 'The ball is back in our court.' A spokesperson for the SEC had no immediate comment. The SEC and Ripple cited a change in agency policy as a reason for the request, Torres wrote Thursday. The SEC 'launched a crypto task force dedicated to helping the [agency] further develop the regulatory framework for crypto assets,' Torres noted. In its request, the agency also named four crypto-related enforcement actions it has dismissed by joint stipulation and said a lighter touch toward Ripple would be 'consistent.' Torres, however, said she was 'not persuaded.' 'Ripple's conduct was so egregious,' Torres said of the SEC's court filings between 2020 and 2023, 'that the Agency 'fully expect[ed]' Ripple' to continue hiding information that was required to be disclosed for the benefit of investors. 'In other words, all signs pointed to the likelihood that, without an injunction, Ripple would continue to disregard the laws of Congress,' Torres wrote Thursday. 'None of this has changed — and the parties hardly pretend that it has. Nevertheless, they now claim that it is in the public interest to cut the Civil Penalty by sixty percent and vacate the permanent injunction entered less than a year ago.' Recommended Reading Trump order tightens White House grip on Fed, SEC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
