Memphis, TN (CelebrityAccess) A federal grand jury has indicted 18 people connected with Fast Cash Boyz Entertainment with charges that include bank fraud and conspiracy to distribute controlled substances.
The indictment alleges that all eighteen defendants, 17 from Memphis and one defendant from Los Angeles, were affiliated with Fast Cash Boyz Entertainment, a Memphis music label that prosecutors claim became a nexus for criminal activity.
“Drug dealing and fraud schemes that distribute poison into our streets and steal money from financial institutions must be stopped. We thank and commend the outstanding investigative work and collaboration by our federal and local law enforcement partners to dismantle the “Fast Cash” criminal enterprise, and our office looks forward to the prosecution of this case that will hold these defendants accountable,” said U.S. Attorney D. Michael Dunavant.
According to the US Attorney, group members were alleged to have perpetrated crimes that include writing more than $243,000 worth of bad checks, and distributing more than 100 kilograms of marijuana.
The indictement also seeks the forfeiture of the $243,000 in criminal proceeds generated by the bank fraud conspiracy and at least $1,000,000 in proceeds generated by the drug conspiracy.
If convicted of the bank fraud conspiracy, each charged defendant faces a possible sentence of up to 30 years imprisonment and a $1,000,000 fine. If convicted of the drug conspiracy, each charged defendant faces a mandatory minimum sentence of 5 years imprisonment and a possible fine of up to $5,000,000.
The Fast Cash Boyz rap collective launched in 2016 on the strength of their first mixtape “C.R.E.A.M.” and then scoring a hit in 2018 with their viral hit “Cash Walk.” The group played an outsized role in the Memphis Rap Renaissance and group members have shared a stage with artists such as Gucci Mane, NBA Youngboy and Yo Gotti.