Source | 2Pac’s sister says trustee wasn’t transparent about estate, claims he embezzled millions

0

2Pac’s sister, Sekyiwa Shakur, claims the man responsible for her late brother’s estate, music manager Tom Whalley, mismanaged the estate’s fortune and embezzled millions from it.

In court documents obtained by Billboard, Sekyiwa told a judge that Whalley had not been transparent in releasing estate information to his beneficiaries, despite court orders requiring him to do so. Shakur criticized Whalley for having “a false sense of entitlement, a disregard for transparency, and an unwillingness to properly comply with his obligation to report to petitioners and to act as a fiduciary”.

These accusations come seven months after Shakur accused the music executive of embezzling ‘millions’ while running Afeni Shakur’s trust and said he was ‘woefully short of compliance’ when he filed a court-ordered report on the state of the trust.

After 2Pac was tragically murdered in Las Vegas in 1996, his mother, Afeni Shakur, became his estate trustee. After his death in 2016, Whalley — who signed Pac to Interscope and was a very good friend of the late rapper — took over the estate. Along with being accused of embezzling millions from the estate, Sekyiwa claimed Whalley refused to hand over Tupac items of “enormous sentimental value”, and appointed himself director of Amaru Entertainment, the label of 2Pac who has released a few of his albums and is the “Trust’s main revenue-generating asset”.

“He effectively embezzled millions of dollars for his own benefit,” Sekyiwa wrote. “Whalley enriched himself unreasonably at the expense of the beneficiaries and in bad faith by taking excessive compensation in a position from which he should rightly be excluded due to the inherent conflict of interest.”

In a statement to Billboard in January, Whalley’s attorney, Howard King, denied the allegations, arguing that Whalley was a good friend of Tupac and Afeni and that Afeni had asked him to become estate trustee before his death. “These legal claims are disappointing and prejudicial to all beneficiaries of the trust,” King said at the time. “We are confident that the court will quickly find that Tom has always acted in the best interests of Amaru, the trust and all beneficiaries.”

In a court filing that took place in March, Whalley and his attorneys backed up his claims, saying he had “significantly increased the value of the trust” in part by using some of Tupac’s personal items in the immersive “Tupac Shakur: Wake Me When I’m Free” in L.A. However, the judge presiding over Sekyiwa’s trial ordered that a full trust account be due by June 30.

Sekyiwa’s attorneys, Londell McMillan, Donald David and Joshua R. Mandell, responded on Monday, saying Whalley had not responded to the judge’s request.

“The defendant could very well have provided these documents in support of its accounts, but refused to produce any,” wrote Sekyiwa’s lawyers. “The Defendant has chosen to keep its actions and the status of the Trust’s and Amaru’s assets in the dark, rather than permit reasonable review and comment.”

Sekyiwa’s attorneys then asked the judge to appoint a CPA to review the trust to “ensure it is completed in a timely manner and in accordance with all applicable requirements.”

“Defendant should not be allowed to continue to expend trust assets to pursue a long, self-serving litigation campaign in an attempt to withhold as much critical financial information as possible until compelled to produce it. , and falsely promoting themselves in the process,” Sekyiwa’s lawyers wrote. “If Trust money is to be spent, it must be spent effectively on an independent CPA who will act quickly and be accountable to beneficiaries and the community. Court fairly and objectively.”

Whalley or his attorneys did not respond to Sekyiwa’s attorney’s request to the judge. A hearing for the trial is scheduled for next month.



Share.

Comments are closed.