Diddy will face money issues once he's out of prison as trial has ‘depleted his resources', claims expert
LOS ANGELES, CALIFORNIA: Though Sean 'Diddy' Combs has been acquitted of the three of the five charges he faced, he might experience money issues once he’s out of jail, a legal expert has claimed.
The infamous rapper was once reportedly worth nearly a billion dollars but it was reduced to $400 million months before he was arrested last year.
Since then his spending has only increased because of the legal trouble that also included a $20 million settlement to his ex-girlfriend, Cassie Ventura.
Legal expert says Diddy’s ‘resources have been depleted’
Now after a trial in Manhattan, New York, the record producer was convicted of two counts of transportation to engage in prostitution. His sentencing is yet to happen but experts have said that he might ditch a long time behind bars.
Amid this, Eric Faddis, a former felony prosecutor and founding partner at Varner Faddis Elite Legal, has shared his views on his future and finances.
“One thing that's clear is that his resources have been depleted. He still appears to have some wealth. But there's going to be a collectability issue when it comes to these civil cases,” he told the US Sun.
Expert suggests Diddy should ‘move on with his life’
The expert continued that “there is no legal mechanism of which I'm aware by which he could try to take back the twenty million or so dollars that he paid to Cassie in a civil judgment. That's over and done with. There are murmurs about ... is he going to try to go after other folks who are involved in this trial for defamation, or malicious prosecution, or something like that?”
“Anything is possible, but I think he would be better off kind of letting sleeping dogs lie, moving on with his life, and undertaking this herculean effort of dealing with the other civil cases,” Faddis added.
Diddy likely to ‘run into financial issues real soon’
The former felony prosecutor also revealed that there’s “100 per cent” chance of Diddy going broke.
“I think there's a substantial chance that his assets are going to be dwindling if they're not already dwindling. There's no insurance policy that's going to kick in and pay out these plaintiffs. If these plaintiffs prevail in the civil claims, he himself is going to be financially responsible,” he explained.
Faddis also mentioned that because of paying hefty legal fees to his lawyers and possible loss of endorsements and contractual support, the 55-year-old will “run into financial issues real soon.”
However, the expert does not totally dismiss the idea of Diddy building back his empire.
“It's not unheard of in America for folks who have, you know, been formerly disgraced to kind of make a comeback. I think he's going to try [but] whether America has the stomach for that at this point is an open question,” Faddis stated.
