Jay Z and Madonna's failed music streaming service Tidal is being sued by the Swedish bank SEB (Roschier Advokatbyra AB and Skandinaviska Enskilda Banken AB) for defaulting on a $565,000 loan used to buy the company. Madonna and Jay Z love to claim they are so rich, but keep borrowing money and do not pay their bills.

The loan was one of several used to purchase Tidal in 2015 for $60,000,000. However, the company has been hemorrhaging money from day one. The lawsuit slammed Jay Z for lying about the number of subscribers Tidal has in acts that constitute fraud and a criminal violation of American, Swedish and Norwegian law.

The lawsuit states Jay Z and company sold a 33% stake to Sprint, but no financial contracts were provided as to the true value of Tidal, which the rapper is fraudulently claiming is $600,000,000. As he has a long track record of fraudulently overvaluing his failed companies, such as Rocafella Records, Rocawear and Roc Nation, he is not to be believed. Jay Z even lied about his record sales in a scam Soundscan outed and denounced him for, as it tainted their music sales tabulation system and music history books, via his acts of criminal fraud.

In fact, Jay Z was aggressively questioned by the SEC in New York last week and left the government's office looking quite shaken, regarding accounting fraud charges, in relation to the claim he sold Rocawear to the company Iconix for $200,000,000. The whole music industry knows Rocawear was never worth $200,000,000 and Tidal is not valued at $600,000,000. Once again, as I have stated for years in relation to Jay Z, it is a serious federal crime to overvalue a company, as it defrauds investors and potential buyers, in acts that could negatively impact the stock market (averages and overall wealth).

Jay Z and those in his circle are insane con artists committing very serious and damaging financial crimes and it needs to stop. It's not a good look. They are an ignorant, uneducated, devious group of criminals with a very disgraceful track record in courts of law around the world. They have no business acumen, sense of decorum or respect for the law.

They go around America and the world running con after con, defrauding people out of their money and intellectual property. They routinely make jackasses of themselves, getting into sectors of business and trade they do not understand. Anything they see someone else doing, they claim they are doing that too, rip it off, then crash and burn because they do not have the intelligence or business skills to make working successes of these ventures.

I remember an MTV interview where mentally deficient, braggadocios thief Jay Z stated "I'm an entrapanooorah." The word is "entrepreneur." People made fun of him online for the incorrect pronunciation. However, with him and his idiotic circle, it's all smoke and mirrors and make believe. They're idiots. The car does not have an engine.

It is not easy making money off music streaming, especially if you do not know what you are doing. People are often listening to the music for free on certain streaming sites on a trial basis and in a manner that generates very little revenue. Music streaming erodes music sales and provides a very inaccurate picture of how much was actually sold. To hide the fact a start up like Tidal is not doing well, they collude with labels to release false streaming figures and alleged sales. However, if you look at their tax returns, you will discover it's a lie.

As stated on the site previously, your greatest chance of getting paid as an artist with music to stream is signing up with Apple Music. I also warned from day one that you could not trust Tidal. I know what Jay Z and Madonna's dirty business practices are like. They are thieves and con artists who target, terrorize and rob hardworking people. They are not real business people. Since the time I issued the warning regarding Tidal this has happened (see RELATED ARTICLES for links):

Tidal sued for millions of dollars for not paying or underpaying artists

Tidal caught falsifying music streaming numbers to gain fraudulent number ones on the music charts around the world

Tidal reported to the police in Norway, where it is based, for defrauding artists out of income

Tidal over-billed customers credit cards after they signed up for free trials then canceled

Tidal caught faking reviews to fraudulently prop up service

The FBI, who has evidence of serious crimes by Jay Z and other members of the Kabalah/"Illuminati" cult, are partly to blame for what has been transpiring. They've allowed a group of high profile criminals to run all over the world like maniacs, committing one act of criminal fraud after another and it is not a good look. Jay Z, Madonna and their cult have committed crimes in America, Britain, Ireland, Canada, Jamaica, Sweden, Norway and Malawi, criminally defrauding people and businesses out of their money and assets. They have also used strong-arm tactics, such as threats and violence.

STORY SOURCE

A Swedish bank is suing Jay-Z over Tidal legal fees

Business Insider Nordic 07 May 2018 2:28 PM 419 - Shawn Corey Carter, better known as Jay-Z, is being chased by the Swedish bank SEB for failing to pay an invoice in connection with purchasing Tidal in 2015, the Norwegian newspaper Dagens Næringsliv reports. The outstanding amount? SEK 5 million ($565,000) – small potatoes for a star worth an estimated $810 million according to Fortune.

The world-famous rapper reportedly failed to pay the full invoice from SEB and the Roschier law firm for legal advice he received in connection with his acquisition of the music streaming service Tidal. Jay-Z bought the service from the Schibsted media group for SEK 464 million ( $56 million) in 2015. ”It’s an overdue invoice from March 2015, basically, which has only been paid in part,” SEB press spokesperson Frank Hojem told Dagens Næringsliv...

https://nordic.businessinsider.com 

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