Credit: Photo: Jim Jones on June 13, 2012 in New York City

Per TMZ, rapper Jim Jones is being sued for allegedly gipping several investors out of $200K after he promised to produce and provide the soundtrack for a movie called Vampire Life III, but failed to do either. Instead, the empty-handed investors allege that Jim took their money and used some of it to make mix tapes that were supposed to be part of the movie but have instead been released independently.

To make matters worse, the bitter investors claim that Jim has stopped returning their phone calls and emails.

The rest of the money, the investors say, was used to produce and release a Vampire-Life clothing line that was intended to be merchandising for the flick.

The investors — who are now demanding a minimum $700K back from the rapper — feel like they’ve been used and are now without the movie and the soundtrack they were promised. Jim, on the other hand, has allegedly used their moolah to profit from the music and the clothing line all on his own.

Jim Jones could not be reached for comment, but it’s clear that something doesn’t quite add up.

Do you think Jim Jones really stole $200K from investors, or is this all one big misunderstanding? Tell us your thoughts and theories below!

Source: TMZ