Earlier this month it was reported by Bossip that Russell Simmons was in a lot of hot water after his shady Rushcard company was stealing money from cardholders.
The hip hop mogul now says he’s ready to address the distressed card-holders according to The Wrap:
Russell Simmons says the technical issues plaguing his pre-paid debit RushCard are over. But the hip-hop mogul’s problems are just beginning.
“He should be very worried right now,” Joe Valenti, director of consumer finance at the Center for American Progress, told TheWrap. “Reputation is a hard thing to build, but easy to lose.”
Another expert said that Simmons had done a grave disservice to the African-American community who he was purporting to help.
“Russell Simmons has lied to the African-American community for years telling people that RushCard helps you build credit,” Ryan Mack, financial expert and contributor to Financial Juneteenth, a site dedicated to empowering the black community, told TheWrap. “This is a business of greed and exploitation of ignorance.”Simmons continued his damage control blitz across social media this week, telling cardholders that the RushCard fiasco is fixed.
“We can announce today that all major functionality, including 2 day advance direct deposits and card-to-card transfers, is restored,” Simmons posted on Twitter, Instagram and the RushCard Facebook page Monday. Although he admitted people may have to wait until October 30 to access government benefits directly deposited into their RushCard accounts, including Social Security and veterans benefit payments.
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