Irv Gotti Indicted On Money-Laundering; Surrenders To F.B.I.
Published: Wednesday - January 26, 2005
Words by Jay Casteel
Irv Gotti (Photo: The Inc.)
Rap moguls and co-founders, Irv and Chris Gotti, of record label The Inc surrendered to the FBI on Wednesday (January 26) on charges of money-laundering more than $1 million in drug proceeds through their company.
According to Newsday.com, federal prosecutors have unsealed an indictment seeking to confiscate Irv Gotti's real-estate and business holdings.
The arrests come after a lengthy federal investigation connected the two rap moguls with criminal enterprises led by Kenneth "Supreme" McGriff, a convicted drug lord.
The indictment charges McGriff and his associates with running a drug operation stretching from New York through Baltimore into North Carolina.
Reports state that McGriff delivered more than $1 million in drug proceeds to the offices of The Inc. (formerly Murder Inc.), according to the indictment. In exchange, Irv Gotti paid McGriff's travel and hotel expenses and cut him checks from Gotti's personal and business accounts, prosecutors charge.
Federal agents began to close in on the Gotti's and McGriff in recent months with arrests of Ja Rule's manager and a bookkeeper for The Inc., who also are named in Wednesday's indictment.
Five other defendants, including associates of McGriff have been charged as well.
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