Jay-Z & Megan Thee Stallion Cut Ties With Accounting Firm Due To Fraud Allegations.
Jay-Z and Megan Thee Stallion have cut ties from accounting firm BDO following serious allegations that a member of its staff stole from client accounts.
Vanessa Rodriguez, a former senior client services representative, is alleged to have misappropriated millions of dollars from BDO accounts belonging rapper Fat Joe, according to a civil lawsuit he filed in 2022.
Rodriguez, who was last month indicted on four counts of Fraud in Miami, allegedly was ‘so brazen that she used the ATM located in BDO’s building to obtain cash advances… and to pay her child’s school tuition.’
The Financial Times reported that Jay-Z and Megan Thee Stallion are among several stars to have cut ties with the accounting firm’s Miami branch, which manages the personal and business finances of the rich and famous, as a result of Rodriguez’s alleged activities.
Rodriguez told them that she denied the 2022 accusations, and pleaded not guilty to the criminal charges filed against her. Further details of her criminal case, including the names of two alleged victims, have been kept under seal.
Fat Joe, whose real name is Joseph Antonio Cartagena, alleged in his civil lawsuit that BDO’s management of his money, which was meant to be handled by partner Andre Chammas, was so chaotic that his mortgage payments were often late and that his credit card bills were sometimes paid from accounts belonging to other BDO clients including Major League Baseball players.
But he also alleged that BDO was complicit in Chammas’ and Rodriguez’s alleged activity, claiming they ’employed a different strategy: stonewall and delay.’
‘The bottom line is that, by executing and reaping the benefits of their money-making scheme, BDO and Chammas have committed malpractice and professional negligence, breached the fiduciary duties they owe to Plaintiffs, misappropriated millions of dollars, defrauded Plaintiffs, and been unjustly enriched. Rodriguez has also committed conversion and been unjustly enriched’, the 2022 suit reads.
Jay-Z’s staff were reportedly furious with the accusations BDO, Chammas and Rodriguez faced, with sources telling the Financial Times that they felt the accounting firm was overly defensive and failed to quickly provide Fat Joe with full access to his financial affairs, said people familiar with the matter and his 2022 lawsuit.
The Brooklyn-born rapper left in 2023, within months of Fat Joe leaving. Megan Thee Stallion, a fellow Roc Nation star, also left as a client in 2022.