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50 Cent Denies Bankruptcy Fraud, Claims He Posed With Fake Money

By Jennifer Deutschmann
Published on: 05:22 PST, Mar 10, 2016

Rapper 50 Cent was accused of bankruptcy fraud, as he posed with what appeared to be copious amounts of cash. After sharing the photos via social media, his antics caught the attention of a trustee who summoned him to appear in court. During the subsequent hearing, the rapper’s attorneys argued that the photos were part of a publicity stunt and the money was fake.

CSNBC reports 50 Cent filed for chapter 11 bankruptcy protection on July 15. According to the documents, which were filed in the Connecticut Bankruptcy Court, the rapper has between $10 million and $50 million in assets. Although he also listed between $10 million and $50 million in liabilities, he claims he cannot pay his debts without a court-supervised payment plan.

Unlike chapter 7 bankruptcy, chapter 11 bankruptcy does not eliminate debt. As explained by All Law, chapter 11 is a form of “reorganization bankruptcy,” which allows businesses and individuals to negotiate repayment plans with their creditors.

The Wall Street Journal reports 50 Cent agreed to pay his creditors a total of “$23 million over the next five years.” He will also be required to relinquish a portion of any judgment awarded in the malpractice lawsuit he filed against his former attorney.

Amid the ongoing bankruptcy proceedings, 50 Cent posed for several photos, where he was surrounded by piles of cash. As the photos were shared via social media, the rapper was accused of “nondisclosure and a lack of transparency.” Essentially, he is accused of hiding money from the court and his creditors.

The New York Times reports the photos were brought to the attention of the bankruptcy trustee by 50 Cent’s creditors. Although the rapper did not deny posing with the cash, he insists it was “prop money.”

At the conclusion of Wednesday’s hearing, Judge Ann Nevins said she will examine the evidence to determine whether 50 Cent’s financial statements need to be reexamined.

A native of New York, New York, Curtis James Jackson III had a particularly difficult childhood. At the age of 8, Jackson’s mother was murdered, and he was subsequently sent to love with his grandparents.

At the age of 8, Jackson’s mother was murdered, and he was subsequently sent to live with his grandparents. Although he had aspirations of becoming a boxer or a hip-hop artist, Jackson ultimately became addicted to drugs.

Despite numerous setbacks, including numerous arrests and being shot in the face, 50 Cent made some important contacts in New York’s hip-hop scene in the late 1990s and early 2000s.

Although he recorded several solo demos, 50 Cent eventually teamed up with Lloyd Banks, Young Buck, and Tony Yayo to form G-Unit. G-Unit’s albums were nominally successful. However, as reported by Biography, Guess Who’s Back caught the attention of Eminem and Dre, who produced the rapper’s first commercially successful album Get Rich or Die Tryin’.

Throughout his career, 50 Cent recorded five studio albums, which have sold more than 16 million copies. He was also honored with 11 ASCAP Awards, 13 Billboard Music Awards, and a Grammy Award.

Although he is one of the most successful rappers in the world, 50 Cent has been involved in numerous criminal and civil lawsuits over the last 20 years. Most recently, he was ordered to pay his former lover Lastonia Leviston $7 million for recording and publishing a sex tape without her permission.

It is unclear whether Judge Ann Nevins will order an examination of the rapper’s financial records. However, he and his attorneys have suggested it would be a waste of time. In a 22-page answer to the allegations, 50 Cent and his attorneys contend the cash was fake and the photos were staged in an effort to promote his iconic image.

[Image via Everett Collection/Shutterstock.com]

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