International Entertainment News: Young Jeezy’s former business partner has filed a lawsuit for unpaid funds claiming he co-founded CTE Music in 2000 and is owed half of the profits Jeezy has seen from them.
Young Jeezy’s one time business partner, Demetrius Ellerbee is suing the rapper and Def Jam Recordings for unpaid shared profits in royalties and advances.
Ellerbee attests that since he helped Jeezy found CTE Music in 2000, the two were business partners, and he should be paid half of the profits he has received, “they were partners. They started the company together. They grew the company together. And he’s entitled to one half,” said Ellerbee’s lawyer.
From The Atlanta Journal-Constitution, the suit claims that he has seen little payments from Jeezy, and that money has intentionally been “misappropriated” into personal accounts to keep from paying Ellerbee. He is still awaiting an accounting from Def Jam, but Jeezy’s former partner estimates he is owed $5 million, and most likely much more once royalties and interest are factored in.
Earlier this month, Young Jeezy moved higher up the music food chain when he was named Senior VP of A&R at Atlantic Records.