Author Topic: Broke And Facing Jail Time,! Dame Dash Goes To Jay-Z For Loan (Read 317 times)

Damien J. · « **on:** August 13, 2007, 09:39:55 AM »

A few months ago, media reports were swirling that Dame Dash was on the brink of financial disaster. According to the reports, the hip hop mogul's fortune was being depleted by his lavish spending and a series of failed business ventures (including his wife's fashion line).

But despite losing millions, Dame still had enough money to comfortably live out the rest of his life. That was, until a few weeks ago, when Dame learned that he would have to cough up close to $5M in back taxes or face time in jail (Two of the numerous warrants against Dash for tax evasion are below).

MediaTakeOut.com spoke with someone claiming to be familiar with Dash's finances. And that person claims that Dame's lawyers negotiated a plea deal with NY and NJ officials which would have Dash pay close to $5M in back taxes and penalties. The insider explains, "Damon [Dash] is facing a criminal investigation for tax evasion. [They] wanted to send him to jail, but his lawyers managed to get a deal [whereby Dame] paid back the taxes he owed."

The one problem with the deal was - Dame didn't have $5M in cash on hand. So the former RocaFella mogul asked for help from the unlikeliest of sources - his former partner Jay Z.

The insider tells MediaTakeOut.com, "Damon reached out to Jay Z - and without blinking an eye, Jay Z agreed to help him ... It took a lot for [Dame] to reach out to [Jay Z] like that. But it took even more for [Jay Z] to give him the money." The insider added, "They may have had they're problems in the past, but they're like brothers - and [Jay Z] wasn't about to let his brother go to prison."

This report is provided by MediaTakeOut.com