Diddy's CFO Testifies: Key Details Emerge in Ongoing Trial

Diddy's Trial: Day 15 - Former CFO Derek Ferguson's Testimony Sheds Light on Finances New York, NY – Day 15 of Sean "Diddy" Combs' trial saw the testimony of Derek Ferguson, the rapper's former Chief Financial Officer from 1998 to 2017. Ferguson's testimony is considered pivotal in the prosecution's case, aiming to establish a financial link to the alleged crimes. Ferguson detailed his extensive involvement in managing Diddy's personal and corporate finances, including the use of accounts at City Bank, HSBC, and Signature Bank. He described the distribution of funds from various companies, including Bad Boy Productions and Bad Boy Films, stating, "Diddy determined distributions if the company was solely owned." This statement directly addresses the prosecution's claims of a racketeering enterprise. The testimony also revealed the use of personal entities like Janice Combs' Music Inc., which licensed Diddy's name and likeness. Ferguson confirmed both he and Diddy had signing power over these accounts. His testimony further highlighted the use of petty cash accounts and cash advances, practices Ferguson stated were "an industry norm back in the early 2000s." However, he also admitted to being unaware of large cash amounts carried by Diddy's security team. Ferguson's testimony provides crucial insight into the financial dealings that are central to the ongoing trial. The prosecution will likely use this information to strengthen their case against Diddy. The trial continues.