Russell Simmons Still Fighting To Retrieve Stock Shares The Government Is Attempting To Seize Over Criminal Case Involving Kimora Lee’s Estranged Husband
Russell Simmons is not letting the government take what he says belongs to him.
As previously reported Russell Simmons sued Kimora Lee Simmons and her estranged husband, Tim Leissner, for allegedly taking his shares from the energy drink company Celsius to pay Tim Leissner’s legal fees. Specifically, Russell Simmons claimed his ex-wife and Tim Leissner used a portion of the shares that belonged to him to bail Leissner out of jail. Now, the government has attempted to seize collateral funds tied to Russell’s investment, and he’s not having it. The music mogul recently petitioned to stop the powers that be from confiscating a percentage of the stocks he maintains are rightfully his.
Kimora Lee Simmons, Russell Simmons
Reportedly, prosecutors requested the dismissal of the petition, but Russell has contested the request, stating,
“The motion to dismiss the Verified Petition is a shocking attempt by the government to take property worth over $500 million from an innocent person while denying that person the ability to challenge the government’s wrongful taking,”
His attorney argued,
“It strains credulity to assert that stepping into the shoes of the criminal member of an LLC somehow allows the government to take all the interest of the other, innocent member of the LLC, and the innocent member is then not allowed to contest this injustice.”
He continued,
“Simmons paid money and contributed valuable promotional efforts for his membership interest in Nu Horizons. Nu Horizons paid money for the Celsius Shares. The only person at Nu Horizons who was aware of Defendant Leissner’s crime was Leissner himself, and his knowledge cannot be imputed to Nu Horizons, or to Russell Simmons, because his crimes were far outside the scope of his duties at Nu Horizons,”
Kimora Lee Simmons, Russell Simmons, Tim Leissner
Kimora Lee Simmons married investment banker Leissner in 2014 and in 2017 the pair invested in Celsius, allegedly at the urging of Russell. Shortly after, in 2018, Leissner was arrested for his role in a massive foreign money laundering scheme with no connection to the drink business. Reportedly, the couple moved funds from Celsius to Kimora’s investment company, Nu Horizons. Russell alleged that Kimora and Leissner,
“conspired with each other, aided and abetted each other and together engaged in fraud by causing an unlawful conversion and fraudulent transfer.”
Kimora Lee Simmons, Tim Leissner
On the contrary, Kimora adamantly claimed Russell did not invest any of his money. The “Baby Phat” CEO’s legal team previously stated,
“Kimora and her children are shocked by the extortive harassment coming from her ex-husband, Russell Simmons, who has decided to sue her for shares and dividends of Celsius stock in which Kimora and Tim Leissner invested millions of dollars. This is an ill-advised attempt by Russell to use the legal system to access funds he is in no way entitled to, and which his own legal team confirms Russell did not pay for.
Simmons vehemently denied Kimora‘s accusation and reportedly stated that he invested his money into stocks purchased by Leissner. That investment rose to over $500 million, of which the government reportedly wants to take $456 million, giving Leissner $43.7 and Simmons $0.
No ruling has been made at this time as the case is still ongoing.
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[VIA]