Diddy Could Lose $400M Fortune If Feds Seize His Remaining Assets
Sean 'Diddy' Combs is reportedly facing the potential collapse of his multi-million dollar empire as federal investigators pursue sweeping RICO (Racketeer Influenced and Corrupt Organizations Act) charges that could lead to massive asset forfeiture.
The music mogul, whose holdings span music, fashion, spirits, media, and philanthropy, is under intense legal scrutiny as prosecutors build a case alleging a criminal enterprise tied to racketeering, sex trafficking by force, fraud, or coercion, and transportation for prostitution.
'RICO forfeiture is intended to be very broad, and so it has significant consequences,' former federal prosecutor Stefan Cassella told USA Today. 'So, it's going to boil down to what they can prove was part of the enterprise.'
Federal authorities are reportedly aiming at a wide swath of Combs' business ventures, and if it is determined that any part of his empire was funded or involved in illegal activities, those assets could be seized.
This includes his record label Bad Boy Records, parent company Combs Global, Revolt Media, his wine and spirits brands, the Sean John fashion line, and even the Sean Combs Foundation.
'This is a very, very broadly phrased forfeiture allegation. It doesn't look like there was any sort of pre-indictment seizures that they're counting towards it,' former DOJ Organized Crime and Gang Section Chief Jim Trusty told CNN's Laura Coates.
'And they've named the enterprise in a very broad way, the RICO. The RICO is essentially anything he touched in his business world, whether it's record labels, liquor labels, planes, trains, and automobiles.'
Combs' personal property is also potentially at risk, including high-end vehicles such as a $500,000 Rolls-Royce Phantom, a Ferrari 360 Spider, a Lamborghini Gallardo Spyder, and a Cadillac Escalade
The Bad Boy Entertainment founder's federal trial has included harrowing testimony from Combs' former associates, include Cassie Ventura Fine, whom Combs dated for over a decade.
Ventura, who testified on two separate days, detailed the alleged trauma and turmoil the disgraced mogul caused her over the course of their relationship, including physical and alleged sexual abuse.
If convicted, Combs faces a potential life sentence in prison.More from VIBE.com
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