Hip Hop Mogul & Multifaceted Business Man Russell Simmons and his younger brother Joseph “Rev Run” Simmons (Formerly of the Hip Hop pioneer group Run-DMC) have been accused by a business partner of stealing millions.
Russell Simmons, the co-founder of Def-Jam Records and the Phat Farm clothing line and all of their subsidiaries is known by many as the God father of Hip Hop Moguls. Legends in the game such as Diddy (I think that’s his name this year; stay tuned), Jay-Z, and a number of other noted Independent label CEO’s credit a great deal of their success to following the model that Russell laid out in the early 80’s.
Russell and his famous brother Rev. Run have been accused of stealing money from one of their business partners, allegedly ranging in the tens of millions of dollars. The attorneys for Rasheed Young of Run Athletics sent both brothers official letters. According to TMZ, Young’s lawyers forwarded letters to Russell and Rev. Run accusing them of funneling millions of dollars from the business into a phantom business that Young has no ownership or interest in.
Young is claiming that the two are skimming money from the company to avoid paying him his fair share of the profits and that if the company is not restructure to better protect his interest and he is not paid his share of the profits he will sue. Reportedly, neither of the Simmons brothers responded to the accusations.