I've heard stories of Malik doing stuff like this for a the last few years now. I guess this confirms the rumors.

One story I heard from a semi-reliable source (so take with a grain of salt): Someone hired Malik as a manager/mentor to help them assimilate into the industry more effectively. Malk made promises (e.g. I'll get you in the room with Kanye to produce with him) and took the person's money (several thousands worth) and ran. Malik used his clout to demand a deposit as "a show of good faith" from the person and it was something like $25k. Malik took the money and ghosted the kid.

As I said, take with a grain of salt, but I guess there's more a bit more credence to that particular story.