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Russell Simmons

I Did NOT Hijack Millions

From Bitter Ex-Biz Partner!

1/22/2013 1:15 PM PST BY TMZ STAFF
EXCLUSIVE

012213_russell_simmons_launch

Russell Simmons
is firing back at his ex-business partner's legal threats ... telling TMZ he did NOT siphon off millions of dollars from his sneaker company -- and any accusations otherwise are the workings of a "disgruntled" employee.

TMZ broke the story ... former Run Athletics President Rasheed Young threatened to sue Russell and Reverend Run ... claiming the hip-hop moguls screwed him out of millions, by secretly funneling revenue from their company into a separate account.

Russell was out in L.A. Monday and tells TMZ ... any accusations of hiding profits are 100% "not true".

He continues, "[Rasheed] worked for me ... I fought to keep his job ... and I'm sorry he's disgruntled, but that's what happens. Anyone can say anything if a celebrity's name's attached to it ... there's nothing I can do about it ... it's false."

Russell adds, "We never stole any money from anybody."

20 COMMENTS

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1.

Me Too    

Russell seems like a stand up guy. I don't buy this claim.

548 days ago
2.

DaveT    

What happened to Run's House? I liked that show

548 days ago
3.

anony    

This is where the accountants come in, Rasheed.

548 days ago
4.

judy jetson    

If he says the accusations are 100% untrue that means there probably 100% true.

548 days ago
5.

whateveryou    

It's fairly common to blame others when you feel you've failed. For some it's just easier on the ego to point fingers at the other guy. But also one of the most common causes of failure.

548 days ago
6.

Swamptrog    

Russell says he fought to keep rasheed'S job? Who did he have to fight he owns the damn company! Russell only cares about russel have u ever heard him talk he is a self centered little bitch who makes money off everyone elses work! He Definitley skimmed

548 days ago
7.

Mary P    

I still can't understand some people think this guy is some sort of Saint. Because he waxes poetic? The dude is a hustler, has stood up for the likes of Tila Tequila (who now claims she's God) and promotes the RUSH card - that eats up half the money put on it like he's trying to help out the poor in the ghetto with it... he supports semi-terrorism with PETA... So he can say a few charismatic things and is some sort of "awesome dude". He flipping came to Zuccotti Park - in a $30,000 outfit and jewelry and acted like he was one of them. Just baffling.

548 days ago
8.

Toilethead    

I don't think Russel Simmons needs the money bad enough to do something like that.

548 days ago
9.

BlackFreelance    

I also think Russell is a stand up dude. He's never said he was perfect, but has been a work in progress. In regards to business matters, I don't think anything was done out of malice. Russell seems like if they did leave this guy out of the profits, Russell would have no problem telling him he didn't deserve to share in the profits and to kick rocks n***a.... LOL

548 days ago
10.

Rich     

Ya right!!!! Man up!!!!

548 days ago
11.

Action Jackson    

Talk to the surviving Beastie Boys about getting screwed by Russell Simmons!

548 days ago
12.

Kendra    

The man was CEO, not an owner so why would he think he was entitled to any funds? It was not his investment or his idea. He was an employee, it's called "Run Athletics not Rasheed Young Athletics. Rasheed answered to Russell and Rev, he was not a partner.

548 days ago
13.

Why'D you Drop It?!    

....

548 days ago
14.

Leonard    

Russell Simmons is, and always will be, nothing but a lisping crook IMO!

548 days ago
15.

Toallthehatersoftheworld    

Okay

548 days ago
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