Inc. Attorneys Rest Their Defense, Closing Arguments Tomorrow

Attorneys for The

Inc.’s Irving and Christopher Lorenzo rested their defense of the brothers

today (Nov. 29) after only two hours in a federal money laundering probe of the

Hip-Hop label.

Irv and Christopher Lorenzo are facing up to 20 years in prison

over claims they helped launder millions in drug proceeds for Queens, New York

drug dealer Kenneth “Supreme” McGriff.

McGriff, convicted head of notorious drug dealing crew The Supreme

Team, is facing the death penalty in a March 2006 trial on murder and racketeering

charges, including the murder of rapper Eric “E Money Bags” Smith.

Today the brothers’ defense team of Gerald Lefcourt and

Gerald Shargel presented one witness, former IRS Agent and Forensic Accountant

John Ryan.

Ryan testified about Chris’ gambling pattern and stated

that Chris’ gambling addiction lead him to withdraw over $850,000 between

Jan. 2000 and Dec. 2002.

Shargel explained that most of the withdrawals came from ATM’s

inside of such casinos as Las Vegas, Atlantic City and Mashantucket, Connecticut.

On cross-examination by Prosecutor Carolyn Pokorny, Ryan admitted

he only reviewed documents assigned to him and admitted that he uncovered hundreds

of third-party checks that totaled around $100,000, deposited into Chris’


The prosecution also showed Gotti declared $110,000 in taxable

income in 2000, but withdrew over $153,000 from ATM machines the same year.

Tomorrow, both sides will give their closing arguments and sources

stated the courthouse, which has been relatively empty the past few days, is

going to be a packed one.

Today, Ashanti,

Lyor Cohen and Kevin Liles attended the court proceedings.