Wachovia Bank has sued Carolina Panthers' wide receiver Muhsin Muhammad and the entertainment company he founded, according to court papers. Wachovia is accusing Muhammad, along with his brother Abdullah Muhammad and Baylo Entertainment, of failing to pay back $24,603.24 on a Visa Business Rewards credit card.
An Atlanta based company founded by Muhammad in 2002, Baylo Entertainment has discovering several rap and urban contemporary acts in the Atlanta area.
In the suit, Wachovia alleges that Muhsin Muhammad opened a business checking account for Baylo Entertainment in March 2002, then added the credit card account five years later.
According to Wachovia, a cash advance of $12,500 was transferred from the credit card account to the business checking account on May 21, 2007, and Abdullah Muhammad was added as an authorized user of the checking account on the next day. Wachovia alleged in the suit that another $11,948 was transferred from the credit card to the business account on June 15, 2007.
The Bank says the defendants have failed to make payments that were due and are suing for for the principal due, plus interest and legal fees.