While citing Forbes, CNN reports that Diddy’s estimated $400 million fortune is up for grabs and can be seized by the government if he’s convicted in his federal sex trafficking and racketeering conspiracy (RICO) case.
In 2022, Fortune reported his net worth at $1 billion. In 2023, Diddy’s ex-girlfriend, Casandra “Cassie” Ventura filed her bombshell $30 million rape and abuse lawsuit. The civil suit was settled one day later at $20 million. At the end of 2024, Diddy’s net worth plummeted to $400 million, per CNN via Forbes.
In a new broadcast report shared on Tuesday (May 20), CNN anchor and Chief Legal Analyst Laura Coates talks about what might happen to Diddy’s assets if he’s found guilty in his federal trial. Coates reports:
“Right now, Sean “Diddy” Combs is only fighting for his freedom, but also his money. Even with all of his legal troubles, Forbes estimates his net worth is still around 400 million bucks. But, if he were to be convicted, all that can be in jeopardy. Why? Because the government could actually seize his assets.”
Diddy’s Estimated $400M Fortune Can Be Seized If Convicted In Federal Sex Trafficking And RICO Case
In her broadcast, Coates is joined by Jim Trusty. He is a former Chief Of the Department of Justice, Organized Crime and Gang Section.
Coates then poses a question to Trusty. She asks, “People might hear that and think, ‘Wait, does that really mean that all of his businesses, all the money he has, could conceivably been used to finance this? Therefore, it’s all fair game?’” Trusty confirmed:
“Yeah, it pretty much is. This is a very, very broadly phrased forfeiture allegation. It doesn’t look like there was any sort of pre-indictment seizures that they’re counting towards. Normally, you see things they’ve already gotten their hooks into.”
Jim Trusty continued to explain:
“So, it’s basically just saying if it is an instrumentality or a proceed, we’re going to go after it. And they’ve named the enterprise, in a very broad way, the RICO. The RICO is essentially anything he touched in his business world. Whether it’s record labels, liquor labels, planes, trains, and automobiles. Basically, everything is in play. The other thing is, there’s a concept called substitute assets.”
As he continued to playfully break down his thoughts, Trusty added:
“Just when you think you’re crawling out of the wreckage, and you’re down to your last $400 million, you’re told, ‘Oh, we’re also going for substitute assets. Which means, even if we can’t prove that this particular car, this diamond watch, this piece of art is not connected to criminality, it still relates to our overall reward, and we’re going to use it as a substitute.”
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