Monday, January 23, 2012

Mack 10 Ordered To Settle Debt

Rapper Mack 10 has been ordered by a judge to pay off two loans with extremely high interest. The Inglewood, CA native was ordered to settle two debts owed to his business associate, Tadayuki Ito. The first loan was originally for $35,000, with Mack promising to pay $70,000 in August of 2010. The second was a $65,000 loan that Mack agreed to pay back $130,000 to settle in September of 2010.
The judge entered a default judgment in Ito's favor in the amount of $229,668.86 because Mack 10 never reported for any of his court dates. The rapper is being charged interest and attorney's fees.
Ito previously threatened to sue when Mack 10 did not meet the deadlines. California law prevents excessive interest on loans. Nonetheless, the rapper is being ordered to settle his debts with Ito.

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