According to New York’s Daily News, America Magazine’s top editor Smokey D. Fontaine told police that Dash punched him hard in the chest, causing him to fall over a chair and get injured. The incident took place at Dash’s Tribeca offices last week Tuesday.

In the police report, Fontaine claims that he checked into the hospital until Thursday following the alleged assault. Police said the mogul has not been arrested, but faces a third-degree misdemeanor assault charge. Insiders say Dash and Fontaine had long been clashing regarding the control of the magazine.

“The magazine was Smokey’s brainchild,” one of Fontaine’s friends told the Daily News. “But his dream was being jeopardized.”

Dash was apparently pissed at Fontaine for running a big advertorial promoting the fashion line of Dash competitor Sean “Diddy” Combs. Sources say Dash also grew angry after hearing that Fontaine was looking for new investors. A Dash rep had no immediate comment. Lawyer Thomas Puccio, who worked for Steve Stoute when the mogul was assaulted with Diddy and two goons in 1999, revealed that he had been consulting with Fontaine. A friend of Smokey says, “He’s with his family recovering.”

In other Dash news, his “Apprentice”-esque reality show, “BET’s Ultimate Hustler,” is slated to premiere tonight on BET. Set in New York, the one-hour show follows Dash as he oversees 16 moguls-in-training and puts them through various challenges to crown the ultimate hustler. The contestants must pitch projects to work within the Dash empire, which includes The Damon Dash Music Group, a line of Tiret watches, Rachel Roy clothing, Armadale vodka and America Magazine.

After 13 episodes, the winner will receive the Mogul Pak, including the chance to organize the winning trip with Dash as he travels to promote his businesses. The ultimate hustler will also win a fully-loaded Jeep Commander SUV and several electronic gadgets. They will also work in the Dash empire on their winning project. The show features music from DDMG artists like Grafh, Sizzla and Rell, among other artists.

BET’s Ultimate Hustler starring Dame Dash airs at 9 p.m. tonight on BET.

Just last week, Dash sold his Rocawear stake back to Jay-Z for $30 million and 75% of Team Roc. According to insiders, Hov suggested the split because he felt Dash was using him to gain publicity and wasn’t doing his part in the company. Dash received $22.5 million in cash and control in affiliated companies like State Property, Team Roc and Pro-Keds.