Akon’s New Age African City Compared To Ponzi Scheme

Akon is apparently building a gigantic city in Senegal that will accommodate up to 300,000 people, run on the “Akoin” cryptocurrency, and be unveiled in 2036. The construction of Akon City in Senegal is set to begin, but the singer’s former business partner, who has sued him, alleges the project is riddled with red flags.

When news of Akon’s desire to establish his own metropolis in Africa first broke, people thought he was insane. As time went on, the musician and businessman was praised for taking on such a massive undertaking. However, Akon is now facing severe allegations from a former business partner who claims he ran a Ponzi scheme.

Devyne Stephen, a music executive who has worked with Jay-Z and Usher, is suing Akon for over $4 million, according to reports. According to Page Six, Stephens has requested a judge to freeze some of Akon’s assets because he would have problems collecting his money without it after purportedly reaching a legal settlement.

Stephens accused Akon of running a dubious business in court filings filed this week. Akon City and Akoin include many of the distinctive red flags of fraudulent business enterprises such as Ponzi schemes and pyramid schemes, according to retired federal Special Agent Scot Thomasson.

The retired Special Agent was recruited by Stephens’ attorney. The city, according to the attorney, is nothing more than broken promises.

Akon has provided almost no transparency about who is investing in Akon City or how it will be purportedly built. Therefore, Akon City is likely a scam.

According to the report, there does not appear to be a clear plan for how the cryptocurrency would be utilized, but Page Six claimed that it is being marketed with raffles and tokens. According to the court filings, this is typical of a multi-level marketing scheme.