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50 Cent in trouble for flaunting cash on Instagram - despite being bankrupt

 

50 Cent has been ordered to attend court to explain pictures on his social media accounts showing him posing with large piles of money - despite having filed for bankruptcy last summer.

The rapper and actor, real name Curtis James Jackson III, filed for Chapter 11 bankruptcy protection in July, days after being ordered to pay millions of dollars in damages to Lastonia Leviston after posting a video of her having sex with her then-boyfriend online in 2008.

Ms Leviston, who has been able to collect the damages, flagged up a number of photos to the Connecticut court showing 50 Cent with bundles of cash.

In official court documents they said: “By including pictures from [Mr Jackson’s] social media accounts and implying that [he] is hiding assets…[his creditors] intentionally ignore that [Mr Jackson] is in the entertainment and promotion business and must maintain his brand and image

New York-born 50 Cent rose to fame with his 2003 album Get Rich or Die Tryin’, which reached number two in the UK charts.

50 Cent, who has sold more than 30 million albums worldwide, earned an estimated £100m after taking equity in energy drink company Glaceau, maker of Vitamin Water, which was subsequently sold to Coca-Cola in $4bn deal in 2007.

In December 2014 the rapper's bank account was reportedly frozen after he failed to obey a court order to pay $17m to headphone manufacturer Sleek Audio over a failed business deal.

Documents filed in bankruptcy proceedings last year listed his assets at $24 million, and his debts at $32 million.

They showed he owned seven cars worth $500,000, including a 2010 Rolls Royce Phantom Drophea.

His most valuable asset was the mansion near Hartford, Connecticut, valued at $8.25 million. It has 37 bathrooms and five whirlpool baths.

The filings also show losses of more than $10 million in 2013 and 2014, with expenses outstripping income and losses posted in 50 Cent's records, adult film and G-Unit Brands businesses.

He had a $17,400 monthly mortgage payment and also spent $9,000 on security, $3,000 on clothes, $1,000 on "personal grooming" and $14,000 on child support.

 

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Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .

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