NEW YORK (CBSNewYork) –  Two aspiring New York City rappers were arrested on charges of extortion and kidnapping in a record deal gone awry, police said.

Ryan Mixon and Andres Lozano were arrested Saturday after allegedly trying to shake down an amateur record producer for $50,000, police said.

The victim, 27, has not been identified by police.

According to police, the victim worked in the financial services and agreed to invest in a record deal last week but then tried to break off the agreement.

Mixon and Lozano held the man at gunpoint and forced him into a taxi. The three drove to an Apple store, where the suspects forced the victim to buy $3,800 worth of products, police said.

Mixon and Lozano then released the victim but told him they would kill him if he didn’t pay the $50,000 he promised, according to police.

The victim then called police, leading to the arrests.

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