A group of investors is accusing a Long Island credit card company of using Jay Z’s name to raise money, according to the New York Post.
The Post reports that investors have sued Cardis International for fraud, claiming they were told the company had been hired by Roc Nation for bill processing. The suit alleges the company raised about $70 million on that basis. The investors say the claim was not true.
Dvora, one of the investors, says Cardis co founder Aaron convinced her to invest $300,000 by telling her he did not need her money but would make a generous exception for her. According to the suit, the company was already more than $3 million in debt at the time. Other investors named in the Post report include attorney Ben Brafman and Charles Alpert.
The company’s website lists Briant Biggs, Roc Nation’s head of global mobile strategies, on its advisory board. Per the Post, Biggs denies that Cardis was ever hired to handle bill processing for Roc Nation, despite what investors say they were told in emails. The allegations are from a lawsuit and have not been proven in court, and the Post’s report did not include a response from Cardis in the details available at the time.
