MEMPMHIS, Tenn. (AP) — Federal prosecutors say 18 people have been charged in Tennessee with using a music label to defraud banks and sell marijuana.
The U.S. attorney’s office said in a news release that 17 people from Memphis and one from Los Angeles have been indicted on federal drug and bank fraud charges.
Prosecutors say Fast Cash Boyz Entertainment was a music label whose members “began exploiting the brand” to sell marijuana and deposit worthless checks into a bank account. Members would then withdraw cash before banks realized the checks were bad.
The indictment announced Friday seeks forfeiture of more than $1.2 million from the defendants from drug proceeds and money received from the alleged bank fraud.
Defendants face five to 30 years in prison if convicted.