In a shocking turn at the Diddy trial, the Chief Financial Officer of Bad Boy Entertainment took the witness stand and confirmed a $20,000 wire transfer sent directly to Sean "Diddy" Combs and then later sent back, as Cassie Ventura testified. The courtroom was stunned as financial details started to emerge, raising serious questions about money flow and accountability within Bad Boy. Stay tuned for all the latest developments in this unfolding legal drama.
#DiddyTrial #badboyrecords #CFOTestimony #SeanCombs #HipHopNews #EntertainmentNews #Diddy #thedemiaaveryshow
00:00:01 --> 00:00:03 Hey, hey everybody. This is Deia Avery
00:00:03 --> 00:00:05 of the Demia Avery Show. So, this is
00:00:05 --> 00:00:09 part two of my series of videos. If you
00:00:09 --> 00:00:11 haven't seen the one with the security
00:00:11 --> 00:00:13 guard Eddie Garcia, make sure you go
00:00:13 --> 00:00:15 back to my previous video. And that's
00:00:15 --> 00:00:18 what happened today at the Diddy Trial.
00:00:18 --> 00:00:21 U next we have uh Derek Ferguson. And
00:00:21 --> 00:00:24 Derek Ferguson was the s I'm sorry, the
00:00:24 --> 00:00:28 CFO of Bad Boy. So, here we go with his
00:00:28 --> 00:00:31 testimony.
00:00:31 --> 00:00:34 Um, so it says Ferguson said he is
00:00:35 --> 00:00:37 testifying in compliance with a
00:00:37 --> 00:00:39 subpoena. So basically he didn't want to
00:00:39 --> 00:00:40 be up there, but he was subpoenaed to be
00:00:40 --> 00:00:43 there. He said he worked for Combmes and
00:00:43 --> 00:00:45 his companies from 1998
00:00:45 --> 00:00:47 until
00:00:47 --> 00:00:50 2017. Ferguson added that he was the CFO
00:00:50 --> 00:00:54 at Bad Boy Entertainment from 1998 to
00:00:54 --> 00:00:56 2012.
00:00:56 --> 00:00:58 He said his responsibilities included
00:00:58 --> 00:01:00 setting budgets, accounting and
00:01:00 --> 00:01:02 recordkeeping, as well as being involved
00:01:02 --> 00:01:04 in some joint ventures and strategic
00:01:04 --> 00:01:07 partnerships. Ferguson also said during
00:01:07 --> 00:01:09 different periods of the time, Col's
00:01:09 --> 00:01:11 personal finances would also be a part
00:01:11 --> 00:01:13 of his
00:01:13 --> 00:01:15 responsibility. Um it goes on to say
00:01:15 --> 00:01:19 when Ferguson the um when he first
00:01:19 --> 00:01:21 started at the company he said he
00:01:21 --> 00:01:24 interacted with Diddy pretty regularly a
00:01:24 --> 00:01:26 couple of times a week as more
00:01:26 --> 00:01:28 professional management was brought in
00:01:28 --> 00:01:30 to run the company. Ferguson said his
00:01:30 --> 00:01:32 interactions with Combmes became less
00:01:32 --> 00:01:35 frequent. Ferguson said that at certain
00:01:35 --> 00:01:37 points during his tenure, he reported to
00:01:38 --> 00:01:40 the company president. when there was no
00:01:40 --> 00:01:43 president, he reported reported directly
00:01:43 --> 00:01:44 to
00:01:44 --> 00:01:48 Combmes. It goes on to say that Derek
00:01:48 --> 00:01:51 Ferguson said he and Diddy Combmes were
00:01:51 --> 00:01:54 the signitories on business bank
00:01:54 --> 00:01:56 accounts during his tenure with Combmes
00:01:56 --> 00:01:58 companies.
00:01:58 --> 00:02:01 Um, it goes on to say that Derek
00:02:01 --> 00:02:04 Ferguson said most senior executives at
00:02:04 --> 00:02:07 Bad Boy had American Express corporate
00:02:07 --> 00:02:10 cards, including Combmes. Ferguson
00:02:10 --> 00:02:12 testified that Comolmes would charge
00:02:12 --> 00:02:14 business and personal expenses on his
00:02:14 --> 00:02:17 card from time to time. He said members
00:02:17 --> 00:02:19 of his teams would determine which
00:02:19 --> 00:02:22 business or entity a charge pertained to
00:02:22 --> 00:02:24 and then use the business's account to
00:02:24 --> 00:02:26 pay off that charge.
00:02:26 --> 00:02:30 Ferguson um goes on to say that cash
00:02:30 --> 00:02:33 payments were an industry norm 20 years
00:02:33 --> 00:02:36 ago. He said it was not uncommon,
00:02:36 --> 00:02:38 especially during his early years
00:02:38 --> 00:02:40 working for Combmes, that performers
00:02:40 --> 00:02:42 would be paid in cash and a performer's
00:02:42 --> 00:02:44 manager would at times bring cash to the
00:02:44 --> 00:02:48 finance department to be processed.
00:02:48 --> 00:02:52 Uh Derek Ferguson, the CFO officer uh
00:02:52 --> 00:02:55 for Diddy, said he was not aware that
00:02:55 --> 00:02:59 Diddy Security carried cash for him,
00:02:59 --> 00:03:01 saying it was not something I paid any
00:03:01 --> 00:03:03 attention to. During his tenure, he said
00:03:04 --> 00:03:05 there were periods when third parties
00:03:05 --> 00:03:07 were engaged to handle Comb's personal
00:03:07 --> 00:03:10 finances and other items. It was
00:03:10 --> 00:03:13 internally managed. Ferguson said the
00:03:13 --> 00:03:15 finance department managed the finances
00:03:15 --> 00:03:17 for Combmes properties that he owned in
00:03:17 --> 00:03:20 Miami, the Hamptons, and New York City.
00:03:20 --> 00:03:22 Ferguson also confirmed that he knew
00:03:22 --> 00:03:24 Combmes would provide financial support
00:03:24 --> 00:03:26 to family and friends through his
00:03:26 --> 00:03:28 personal salaries and distributions.
00:03:28 --> 00:03:30 Ferguson said he'd sit down with Combmes
00:03:30 --> 00:03:34 at least once a year to re his personal
00:03:34 --> 00:03:37 finances. Next, and what happened, guys?
00:03:37 --> 00:03:41 The jury saw 2011 bank statements for
00:03:41 --> 00:03:44 Shaun Diddy Combmes bank account for his
00:03:44 --> 00:03:47 Alpine, New Jersey home. On December
00:03:47 --> 00:03:49 14th, the record shows the account
00:03:49 --> 00:03:54 transferred $20 to Cassandra Ventur.
00:03:54 --> 00:03:56 On December 23rd, the record shows an
00:03:56 --> 00:03:59 incoming wire transfer from Brderick
00:03:59 --> 00:04:03 Ventur uh Cassy's father for
00:04:03 --> 00:04:07 $20. On December 27th, Col's account
00:04:07 --> 00:04:10 returned the $20 to Ventur's
00:04:10 --> 00:04:11 father's account. So, that's all that
00:04:12 --> 00:04:14 stuff that Cassie was talking about how
00:04:14 --> 00:04:16 he had asked
00:04:16 --> 00:04:19 um them to pay him $20 so she
00:04:20 --> 00:04:23 wouldn't so he wouldn't release photos
00:04:23 --> 00:04:28 of her. Um and they paid him $20.
00:04:28 --> 00:04:30 All that stuff that you guys know about.
00:04:30 --> 00:04:32 Okay. So, it goes on to say Derek
00:04:32 --> 00:04:36 Ferguson said he served as CFO until the
00:04:36 --> 00:04:39 end of 2012, then worked as chief growth
00:04:39 --> 00:04:41 officer for a few years before becoming
00:04:41 --> 00:04:45 CEO uh chief operating officer of Revolt
00:04:45 --> 00:04:47 Media and TV. He said he didn't speak
00:04:47 --> 00:04:49 with Diddy often after leaving his
00:04:49 --> 00:04:52 employment in November
00:04:52 --> 00:04:55 2017, except for some odds and ends
00:04:55 --> 00:04:57 related to his departure and
00:04:57 --> 00:04:59 occasionally reaching out on holidays.
00:04:59 --> 00:05:02 Combmes last reached out to Ferguson on
00:05:02 --> 00:05:05 September 16th,
00:05:05 --> 00:05:08 2024. Um, Ferguson said Combmes text to
00:05:08 --> 00:05:10 say hello and asked him to give him a
00:05:10 --> 00:05:13 call. He said Combmes sent another text
00:05:13 --> 00:05:15 shortly after saying he was in New York
00:05:15 --> 00:05:17 and wanted to see if Ferguson had time
00:05:17 --> 00:05:18 to get together because he wanted to
00:05:18 --> 00:05:21 talk and get some advice. Ferguson said
00:05:21 --> 00:05:23 he was on a flight to Charlotte when he
00:05:23 --> 00:05:25 received a text, so he wasn't able to
00:05:25 --> 00:05:28 meet. He said he did not respond to the
00:05:28 --> 00:05:31 message. Somebody find out if September
00:05:31 --> 00:05:33 16th was a time around the time that
00:05:33 --> 00:05:37 Diddy got arrested cuz that would
00:05:37 --> 00:05:40 uh be interesting to know if he was
00:05:40 --> 00:05:43 trying to contact him around that time.
00:05:43 --> 00:05:45 Anyway, the uh defense is now
00:05:45 --> 00:05:47 cross-examining. Uh Ferguson said he
00:05:47 --> 00:05:49 initially was interested in working for
00:05:49 --> 00:05:51 Bad Boy Records because he thought the
00:05:51 --> 00:05:53 company would have a lot of impact.
00:05:53 --> 00:05:54 Coming from the Bronx, I felt like we
00:05:54 --> 00:05:56 needed more companies that really would
00:05:56 --> 00:05:58 hire for the communities I grew up in
00:05:58 --> 00:06:01 that would give people opportunities, he
00:06:01 --> 00:06:03 testified. Uh, defense attorney Mark
00:06:03 --> 00:06:05 Agnafilio has asked Derek Ferguson
00:06:05 --> 00:06:07 general questions about Diddy's
00:06:07 --> 00:06:10 businesses. He asked the former chief
00:06:10 --> 00:06:12 financial officer about Combmes
00:06:12 --> 00:06:14 long-term relationships with Diego for
00:06:14 --> 00:06:17 liquor products. Combmes mainly oversaw
00:06:17 --> 00:06:21 the creative direction and Diego, one of
00:06:21 --> 00:06:23 the world's biggest drink makers
00:06:23 --> 00:06:25 providing funding, Ferguson said. When
00:06:25 --> 00:06:28 asked, Ferguson said there were ongoing
00:06:28 --> 00:06:31 tensions between Combmes and Diego, I
00:06:31 --> 00:06:33 hope I'm pronouncing that right, Dagio
00:06:33 --> 00:06:35 Dagio over the marketing and
00:06:35 --> 00:06:37 distribution of the products because
00:06:37 --> 00:06:39 they felt the distribution was
00:06:39 --> 00:06:42 concentrated in urban areas. Defense
00:06:42 --> 00:06:44 attorney Mark Agnafilio asked Derek
00:06:44 --> 00:06:46 Ferguson
00:06:46 --> 00:06:48 um to confirm that personal assistance
00:06:48 --> 00:06:51 were common in the industry. Ferguson
00:06:51 --> 00:06:53 agreed, saying their their titles may
00:06:53 --> 00:06:54 have varied, but Combmes and the other
00:06:54 --> 00:06:56 executives at his companies had
00:06:56 --> 00:06:59 assistance paid for by the company.
00:06:59 --> 00:07:01 Ferguson also confirmed that comp that
00:07:01 --> 00:07:03 Combmes security personnel were paid
00:07:03 --> 00:07:05 through the company for his personal
00:07:05 --> 00:07:07 safety. Ferguson
00:07:07 --> 00:07:10 um said that company taxes were always
00:07:10 --> 00:07:12 done correctly. You would never let
00:07:12 --> 00:07:15 there be financial impropriy on your
00:07:15 --> 00:07:17 watch in that company. Am I right?
00:07:17 --> 00:07:20 Defense attorney asked. I would do
00:07:20 --> 00:07:22 everything I could to not let that
00:07:22 --> 00:07:24 happen. Ferguson responded. Derek
00:07:24 --> 00:07:26 Ferguson
00:07:26 --> 00:07:27 [Music]
00:07:27 --> 00:07:30 um head of finance testified that he
00:07:30 --> 00:07:33 never witnessed anyone help Combmes
00:07:33 --> 00:07:35 commit crimes, nor did he witness acts
00:07:35 --> 00:07:38 of violence. Did you see anyone help
00:07:38 --> 00:07:40 Shawn Combmes commit crimes? Defense
00:07:40 --> 00:07:43 attorney Mark Agnafilio asked. "No,"
00:07:43 --> 00:07:46 Ferguson responded. "Did you see anyone
00:07:46 --> 00:07:49 commit acts of violence?" Agnafilio
00:07:49 --> 00:07:52 asked. "No," Ferguson said. "Did you see
00:07:52 --> 00:07:54 anyone make the company stronger through
00:07:54 --> 00:07:56 threats and violence?" Agnafilio asked.
00:07:56 --> 00:07:58 Ferguson says,
00:07:58 --> 00:08:01 "No." Agnilio asked Derek Ferguson, "Did
00:08:01 --> 00:08:04 you see anyone enhance Mr. Comb's
00:08:04 --> 00:08:06 reputation or the reputation of the
00:08:06 --> 00:08:09 business through acts of prostitution?"
00:08:09 --> 00:08:11 You know what I'm saying? No, Ferguson
00:08:11 --> 00:08:14 said. Agnafilio also asked, "Did you see
00:08:14 --> 00:08:17 anyone enhance Mr. Comb's reputation or
00:08:17 --> 00:08:18 the reputation of the business through
00:08:18 --> 00:08:23 SMMEX trafficking or forced labor?" Uh,
00:08:23 --> 00:08:25 the judge sustain an objection from the
00:08:25 --> 00:08:26 government to that
00:08:27 --> 00:08:29 question. Uh, we're almost finished,
00:08:29 --> 00:08:30 guys.
00:08:30 --> 00:08:33 Um, former CFO Derek Ferguson testified
00:08:33 --> 00:08:36 that working with Diddy was hard work
00:08:36 --> 00:08:38 since they were building businesses from
00:08:38 --> 00:08:40 scratch. He recalled working long hours
00:08:40 --> 00:08:42 with lots of talented people. We all
00:08:42 --> 00:08:43 felt that there was a mission to be
00:08:43 --> 00:08:45 great, to represent ourselves in a
00:08:45 --> 00:08:48 certain way, Ferguson said. He said,
00:08:48 --> 00:08:50 "Come employees were a very close-knit
00:08:50 --> 00:08:53 group, especially in the beginning. The
00:08:53 --> 00:08:55 defense attorney Agnafilio asked
00:08:55 --> 00:08:57 Ferguson what he learned from Combmes. I
00:08:57 --> 00:09:00 did learn a lot from him. He had great
00:09:00 --> 00:09:01 business mind and I think he put his
00:09:01 --> 00:09:03 mind to something and set a really high
00:09:03 --> 00:09:04 aggressive goal and was not afraid of
00:09:04 --> 00:09:06 that goal. And I think that's something
00:09:06 --> 00:09:09 you can learn from that. He just worked
00:09:09 --> 00:09:10 constantly. Ferguson said his passion
00:09:10 --> 00:09:12 for what he did was really high. So the
00:09:12 --> 00:09:15 work ethic and number of the hours that
00:09:15 --> 00:09:17 he put in something that really pushed
00:09:17 --> 00:09:20 the entire team. So that's what was said
00:09:20 --> 00:09:22 today, guys. I'm not sure if he's coming
00:09:22 --> 00:09:24 back tomorrow, but we'll see. Talk to
00:09:24 --> 00:09:28 you later. Bye bye.
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