Everyone has problems with their bank, but rap mogul Jermaine Dupri's problems are on another level. The So So Def founder was reportedly tricked out of millions by his bank, who took advantage of Dupri's lack of education.
Sun Trust Bank initially sued Dupri, claiming he defaulted on a $5 million loan they gave him. To make up for it, the bank demanded $2 million, interest, and his entire catalogue of music.
Dupri then filed a counter lawsuit, which claim he was essentially tricked. He says he agreed to a $5 million loan in 2009 with a personal banker, who had always been loyal and even hooked him up with cool goodies. The banker got him Atlanta Falcons tickets, dinners, and a whole bunch of other fancy things. Then, seemingly out of nowhere in 2010, Dupri says the banker advised him to sign a new loan agreement immediately, which would be for his benefit. As the story goes, it wasn't to his benefit.
The new terms increased Dupri's monthly payments, causing him to fall behind on payments before defaulting. According to JD, he sold his studio and his music catalog to settle it. The studio was worth $2.5 million, and his catalog an alleged $20 million.
Source: tmz.com
