The Get Rich Or Die Tryin‘ rapper and entrepreneur has been flashing money all over his Instagram accounts, and now a judge wants to reevaluate his financial situation to see if he was completely transparent about it.
From The Wall Street Journal:
Judge Ann Nevins told the 40-year-old entertainer’s lawyer that his Instagram photos are raising questions about whether he is being truthful about his financial situation.
“I’m concerned about allegations of nondisclosure and a lack of transparency in the case,” Judge Nevins said at a hearing Thursday in Hartford, Conn., on Thursday. “There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process.” She added that bankruptcy is a place where “honest, but unfortunate” people can get a fresh start.
Earlier court papers put a spotlight on three pictures of 50 Cent, whose real name is Curtis James Jackson III, with bundles of cash. One picture showed cash piles in his fridge.
Guess who made the judge aware of 50’s photos?
The site continues:
The photos were flagged by Lastonia Leviston, who won $7 million in a sex-tape dispute but hasn’t been able to collect that money since Mr. Jackson filed for bankruptcy last summer. Two other groups—Mr. Jackson’s mortgage lender and a partner in a failed headphone deal owed roughly $18 million—joined her in a fight to have an outside financial professional manage his money until he pay off the $30 million he owes creditors.
Mr. Jackson’s lawyer wasn’t immediately available to respond to Judge Nevins’s order. The date of the hearing Mr. Jackson is required to attend hasn’t yet been set.
In response to the social media posts, Mr. Jackson’s lawyers said the photos were included in court filings to “disingenuously smear” him.
“By including pictures from [Mr. Jackson’s] social media accounts and implying that [he] is hiding assets…the [three creditors] intentionally ignore that [Mr. Jackson] is in the entertainment and promotion business and must maintain his brand and image (or those of the products he is promoting),” his lawyers said in documents filed in U.S. Bankruptcy Court in Hartford, Conn.
A lawyer for headphone investor group said Thursday he was still suspicious of Mr. Jackson’s financial reporting, which calls for him to disclose all of the money he earned during the case. He said that Mr. Jackson has made TV appearances and performed at concerts but didn’t say how much he was paid in fees.
Mr. Jackson’s lawyer, James Berman, disputed that at Thursday’s hearing.
“All his income was reported,” he told Judge Nevins.
Mr. Jackson filed for chapter 11 protection on July 13, shortly before jurors were scheduled to determine whether he should pay additional damages in the sex-tape lawsuit filed in 2010 by Ms. Leviston, rapper Rick Ross’s ex-girlfriend.
50’s got 99 problems, but is a dollar one? We guess we’ll have to stay tuned to find out.
50 Cent’s Most Lucrative Business Endeavors
1. SMS Audio: This company that primarily sells headphones was founded by 50 Cent in 2011. In the same year, the company acquired Kono Audio. As far as the competition goes, he once said Dr. Dre’s “Beats is Nike. We’re Adidas.”Source:Getty 1 of 8
2. Power: 50 Cent is into all sorts of entertainment. Though he obviously stars in the Starz hit series “Power,” did you know he also produced the show? “Power” holds the “most viewers ever for a Starz original series” record.Source:Getty 2 of 8
3. Vodka: 50 Cent has recently partnered with Effen Vodka. The “ultra-premium” liquor comes in lots of flavors, including Black Cherry, Dutch Raspberry, Cucumber, and Salted Caramel.Source:Getty 3 of 8
4. SMS Promotions: 50 Cent started this boxing promotional company after his joint project with Floyd Mayweather, TMT Promotions, failed. Though SMS Promotions reportedly declared bankruptcy this year, it previously promoted boxers such as Andre Dirrell, Chris Galeano, and more.Source:Getty 4 of 8
5. SK Energy: Street King is an energy drink created by 50 Cent and his partner Chris Clarke. It boasts a variety of flavors, and was rebranded as “SK Energy” in 2012.Source:Getty 5 of 8
6. Frigo Underwear: 50 Cent put his insane body on full display in a series of advertisments for the underwear company this year.Source:Getty 6 of 8
7. VitaminWater: 50 Cent made $100 million after selling his stake in the privately owned company.Source:Getty 7 of 8
8. G-unit: We can’t forget about the clothing company that 50 Cent started in 2003 and relaunched in 2010. 50 maintains full ownership of the clothing line.Source:Getty 8 of 8
SOURCE: The Wall Street Journal | PHOTO CREDIT: Instagram, Getty