The
rapper "50 Cent" is heading to court to explain why he's declaring
bankruptcy -- while posting pictures of himself surrounded by cash on
Instagram.
Curtis
J. Jackson III filed for bankruptcy in July. He claims that he still makes
millions, but that a flood of expensive lawsuits is killing him.
The
guy who got famous for his 2003 album called "Get Rich or Die Tryin"
has poked a lot of fun at his financial situation. But now U.S. Bankruptcy
Judge Ann M. Nevins is worried the rapper is being outright dishonest.
Since
October, 50 Cent has posted several photographs on Instagram of him playing
with cash. In one, he's in bed surrounded by dozens of stacks of $100 bills --
easily $50,000 in that picture alone.
In
another, he stacks the Benjamins to spell out "B-R-O-K-E."
In
court on Thursday, the judge told the rapper's attorney: "I'm concerned
about allegations of nondisclosure or a lack of transparency in the case."
CNNMoney
listened to audio recordings of the Hartford, Connecticut hearing.
News
of the hearing was first reported by The Wall Street Journal.
"There's
a purpose of having a bankruptcy process be transparent, and part of that purpose
is to inspire confidence in the process," the judge said, adding that
bankruptcy court is where "an honest but unfortunate debtor can come into
court and seek relief."
"When
that process becomes very public, the need for transparency, I believe, is even
higher," she told the rapper's lawyer, James Berman.
Judge
Nevins ordered the rapper to show up in court. On Friday, the rapper's legal
team issued a statement saying he would show up "to make sure that all
questions have been addressed."
"Mr.
Jackson has been forthcoming and transparent with all creditors," his
lawyers assured.
This
issue was brought up in court papers filed in January by headphone maker Sleek
Audio, SunTrust Bank (STI) and 50 Cent's ex-girlfriend Lastonia Leviston, three
claimants in the bankruptcy case who say they're owed a combined $29 million.
In
court documents, they also say 50 Cent has posted pictures of huge public
performances he probably got paid for -- even though he hasn't reported that to
the court.
They
also pointed out that 50 Cent never admitted he owned property that he later
disclosed on Instagram, saying: "My crib is almost finished in AFRICA. I'm
gonna have the craziest housewarming party ever."
The
trio said the rapper also hid in court papers the fact that he trademarked the
valuable "50 Cent" brand back in 2004.
Reference: money.cnn.com
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