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50 Cent testifies his lifestyle is an illusion.

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F

Frank Serpico

Banned
Flo_Evans said:
Accountants and lawyers have never lost anyones fortune now?

I mean I'm sure the dude will be fine, but is not really unheard of to blow 100 million in 8 years.

The thing is you have to remember is no one knows how much money he actually made from vitamin water, all of the estimates of net worth are guesses.
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Also, rappers don't exactly always tell the truth
 
Z

ZackieChan

Member
Rest said:
You'd be better off renting movie money if you're in the US. The Federal Government requires special permits to photograph money, and if you do so without getting those permits you're subject to fines. Hollywood money looks almost like the real thing, but it is probably more expensive to rent, and is certainly more expensive to buy.
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From the Secret Service website -

"Motion picture films, microfilms, videotapes, and slides of paper currency, securities, and other obligations may be made in color or black and white for projection or telecasting. No prints may be made from these unless they conform to the size and color restrictions."

I think a YouTube video would fall under this. ;)
 
Z

Zaraki_Kenpachi

Member
How many posts of people not reading what chapter 11 is and instead like to pretend like dude has $5 to his name. He can have his estimated net worth AND file chapter 11.
 
A

Apt101

Member
braves01 said:
Jessica Alba's the real celeb business mastermind.
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For real. Someone was like "that girl from Sin City is worth $200 million!" at work once as they hunched over their laptop (working hard....). Couldn't believe it. She spun that money she made off roles people made fun of into gold.
 
K

Kathian

Banned
Clearly broke. Surely he's going to lose the 4.4M. Makes little sense not to just pay the 5M if he has it. Bad decisions and getting fucked over. Makes no sense to fake when he's declaring he does have monies.
 
F

Flo_Evans

Member
gamechanger87 said:
Have you read any of this thread? He has the money, just not personally. Its locked away in LLCs/Living Trusts thus untouchable by the courts. He "personally" doesn't have the cash on hand, but its his.

You keep your personal wealth under your name low, but remain the sole beneficiary of a living trust. The trust can buy things for you, but the court can't touch them.

This is how you protect your wealth. You lock it away otherwise you are just waiting for lawsuits.

He is filing a CH11 which will allow him to reduce the damages to a much lower level and he will pay a portion of this amount, but his wealth will remain.
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Lol. This is a fundamental misunderstanding of what LLCs do. An LLC shields you personally from business liability, not the other way around. A living trust is not some magic shield either, you can't manage the asset in any way, and there is no evidence he has done this.
 
J

jbug617

Banned
Update: http://www.nydailynews.com/news/cri...cial-records-sex-tape-trial-article-1.2301999
He put her sex tape online for the world to see, but 50 Cent won’t bare his assets for Lastonia Leviston.

The supposedly broke rapper ignored a court order to turn over detailed financial records and five years worth of his tax returns, the judge presiding over Leviston’s civil trial against the “Southpaw” star revealed Thursday.

Instead, he turned over a two-page document from his business management company that put his net worth at $4.4 million.

“The response is woefully inadequate,” Manhattan Supreme Court Justice Paul Wooten said, and "highly prejudicial" to Leviston's case.

An accountant for Jackson's management firm took the stand on his behalf on Thursday, but acknowledged that she's never actually spoken to the Effen Vodka pitchman, and seemed to be in the dark about many of his business dealings.

Asked how much money he makes for executive producing the TV show "Power," the accountant, Mai Pho, said, "I don't know."

Asked how much money he got from a recent underwear endorsement deal, she said didn't know if he had made anything yet.

Freidin pointed to the company's ad campaign.

"He's posing in his underwear. He's not doing that for free, is he?" Freidin pressed.

"No," she answered.

She also played up that he had a $1 million mortgage on his sprawling Connecticut mansion - but when asked if she was aware that Fitty had recently listed the property for $11 million, she said she wasn't.

Pho said he currently has over $20 million in liabilities, and that she hadn't known he was challenging the largest debt - an $18 million verdict that's currently on appeal.

Pho is the last witness in the Leviston case, which is expected to go to the jury Thursday afternoon.
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He has money
 
Lamel

Lamel

Banned
No wonder he's been going around shoveling snow every winter. It was all right in front of our eyes!

But seriously though he def has more money than that.
 
old

old

Member
jbug617 said:
Update: http://www.nydailynews.com/news/cri...cial-records-sex-tape-trial-article-1.2301999


He has money
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That is great. His accountant has in-depth, detailed, and exact knowledge of all of his liabilities, debts, and operating losses. But that same accountant can't recall, doesn't know, and is not aware of any detail or amount of any of his assets or incomes. She's either stupid or lying.

And by the way, the article mentions there was somebody who did know about his incomes. "He's wasn't available" to testify.

Is it really that easy to game and mock the system?
 
W

Wavebossa

Member
3Sixty said:
OK Mr Jackson we accept your bankruptcy agreement.

3859271924_24af790d82_o.gif
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Pretty much this.

He's doing everything he can to avoid paying her
 
C

Condom

Member
old said:
That is great. His accountant has in-depth, detailed, and exact knowledge of all of his liabilities, debts, and operating losses. But that same accountant can't recall, doesn't know, and is not aware of any detail or amount of any of his assets or incomes. She's either stupid or lying.

And by the way, the article mentions there was somebody who did know about his incomes. "He's wasn't available" to testify.

Is it really that easy to game and mock the system?
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We'll see I guess.

I want to see the faces of those who went 'oh another dumb musician who doesn't know how to deal with money' haha.
 
B

braves01

Banned
the article said:
Pho was testifying before the same six-person panel, which is now weighing punitive damages against the “Southpaw” star.
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Lol, I hope this blows up in fiddy's face.

edt: meanwhile, while 50 deals with ch. 11, mayweather's still stuck on ch. 1
 
J

jbug617

Banned
He has to give her another $2 million for punitive damage. The total for leaking the sextape is $7million.
http://bigstory.ap.org/article/eb89...y-rapper-50-cent-must-pay-2m-sex-tape-lawsuit
NEW YORK (AP) — Rapper 50 Cent must pay an additional $2 million in punitive damages to a woman featured in a sex tape posted online, a jury decided Friday.

The decision came two weeks after jurors ordered the multiplatinum-selling artist to pay $5 million to Lastonia Leviston.

Leviston's invasion-of-privacy lawsuit argues that 50 Cent, born Curtis Jackson III, posted online a crudely narrated 13-minute sex-tape she made with a boyfriend in 2008. In the video, he taunts rival rapper Rick Ross, who isn't featured in the video but has a child with Leviston.

After the jury's verdict, Jackson filed for bankruptcy protection in Connecticut.

A lawyer for Leviston had urged jurors to award her $15 million. Jackson's attorney had asked them to order he pay $700,000.

Jackson's attorney, James Renard, said in a statement Friday that he was disappointed with the verdict. He said Jackson will ask the court to reduce the jury's award.
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S

stetiger

Member
4.4 million is still more than I have!!! All his lyrics are now under scrutiny. Which brings me to this point, how much money do you really need if you live like you are rich.
 
Y

YoungHav

Banned
How the hell can he blatantly perjure himself like that? He's lying out of his ass. He always came off as smarter than some rappers business-wise, I refuse to believe he splurged himself down to <$5M.
 
A

AlphaDump

Gold Member
not a very smart move by 50, and wasn't sure what he was thinking when he attempted to do this in the first place.

this will unravel pretty fast
 
M

maxcriden

Member
entrement said:
A 4.4 million net worth is decent if you're middle class.
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I'm only saying this b/c 99% of what you say I agree with, but I think 4.4M is excellent if you're middle class in terms of net worth. That is not considered middle class at that point, unless you are in NYC/SF. And then that's only b/c of the rarefied air there. You know?
 
J

jaypah

Member
Oh, so turns out he probably does have more than 4.4 mil? Well no shit, lol.

JMDSO said:
Officer Ricky gonna have a field day with this... or die tryin'
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He already said he wasn't going to speak on it on that new song. Of course saying that on the song was technically speaking on it but...yeah.
 
RoadHazard

RoadHazard

Gold Member
Right. He's not just trying to get out of his debt or anything. Does he pay taxes, or has he sneaked his way out of that one too?

(Unless I'm wrong and he really doesn't have money to cover it. But I doubt it.)
 
RoadHazard

RoadHazard

Gold Member
entrement said:
A 4.4 million net worth is decent if you're middle class.
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"Decent for middle class"?! Who the hell are you? That's a damn fortune to almost every person on this planet. That's wealthy. Very wealthy, in fact (just not Gates/Notch insanely wealthy). Any normal middle class person could happily live out the rest of his days on that money.
 
entremet

entremet

Member
RoadHazard said:
"Decent for middle class"?! Who the hell are you? That's a damn fortune to almost every person on this planet. That's wealthy. Very wealthy, in fact (just not Gates/Notch insanely wealthy). Any normal middle class person could happily live out the rest of his days on that money.
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FTF said:
I'm not buying it&#8230;and no way he makes only 10 cents from every record sale.



lol you have a very different definition of middle class
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Yeah. I'll take the L happily after thinking about it.

I also live in NYC, so my definition of a "decent" nest egg is a bit different.
 
L

leadbelly

Banned
Not sure why people are even debating it. He's been pretty open about what he is doing in interviews, whether that is a good idea or not.

He was even uploading troll pictures to the internet. lol

Screen-Shot-2015-07-14-at-8.27.08-AM.png
 
K

kswiston

Member
entrement said:
Yeah. I'll take the L happily after thinking about it.

I also live in NYC, so my definition of a "decent" nest egg is a bit different.
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I've definitely seen retirement calculators suggesting that people in their 30s now should aim to have a retirement fund of $3M+. However, those nest egg guidelines are also forecasting 30 years into the future.
 
entremet

entremet

Member
kswiston said:
I've definitely seen retirement calculators suggesting that people in their 30s now should aim to have a retirement fund of $3M+. However, those nest egg guidelines are also forecasting 30 years into the future.
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Yeah, that's what I was basing my statement on. Wasn't clear enough.
 
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