P. Diddy’s arrest could cost him millions

P.Diddy’s recent arrest could end up costing him a whole bucket load of money. According to US law, anyone involved in the “manufacture or sale of alcohol [is] required to hold licenses in good standing”, i.e. must not get arrested for any reason at all.
Via The Observer:

The Alcohol and Tobacco Tax and Trade Bureau, a bureau of the United States Department of the Treasury, requires manufacturers and producers of alcohol to apply for a permit. According to section §1.24 of the federal code, “such person (or in case of a corporation, any of its officers, directors, or principal stockholders) has not, within five years prior to the date of application, been convicted of a felony under Federal or State law, and has not, within three years prior to date of application, been convicted of a misdemeanor under any federal law relating to liquor, including the taxation thereof.”
[…]
In California, for example, Business and Professions Code Section 23952 — Felony and law violation, anyone involved in the “manufacture, sale, or distribution of alcoholic beverages [must show that] …the applicant has not been convicted of a felony…” In Michigan, felons cannot own a Michigan liquor license, and in Oklahoma, “To be eligible for a liquor license, you must be pardoned on all felonies…” In New York, according to the State Liquor Authority, “A convicted felon cannot be employed by a licensed manufacturer or wholesaler.”

As at 2014, Forbes estimated P.Diddy’s worth to be about $735 million, with the bulk of it coming from his lucrative partnership with Diageo. In addition to earning a percentage of profits from the sale of Ciroc vodka, Diddy and Diageo are equal partners in the recently purchased DeLeon Tequila.
Diddy is going to have to lawyer up big time.