According to a letter sent to popular urban blog Baller Alert, Rickey Smiley owes tons of money because of irresponsible spending and the financing of jet setting one night stands.
“Smiley was also millions of dollars in debt. He owed millions of dollars to the Internal Revenue Service, and he routinely spent literally tens of thousands of dollars more than he earned each month.”
The source told Baller alert that he is now in a lawsuit with his former manager for money owed.
“Smiley persistently wasted hundreds of thousands of dollars by purchasing boats and automobiles he did not need, and buying airline tickets and renting luxurious hotel rooms for young women he solicited online, in nightclubs, or while on the road with “his boys,”” The source said.
“Specifically, Smiley’s CFO determined that if Smiley did not continue to supplement his monthly revenue with live performances, his outrageous spending would put him more than $40,000 in debt each month—an astonishing fact given that Smiley’s gross monthly revenues exceeded $350, 000,” said the source. “In other words, even though Starks White had assisted Smiley in working through his federal income tax issues, and increased his annual revenue many times over, Smiley’s playboy lifestyle was literally flushing tens of thousands of dollars down the toilet every month. Smiley would routinely waste thousands of dollars flying in young women, sometimes more than one at a time, and renting luxury hotels for their trysts.”
