50 Cent’s Bankruptcy Trustee Blasts Rapper’s Attempt To Keep Control Of Millions In Investments
50 Cent’s bankruptcy trustee is blasting the rapper’s attempt to get a judge to OK him continuing to control more than seven million he has in investment accounts.
William Harrington has demanded the rapper – who filed for bankruptcy earlier this summer – not be allowed to touch the money and instead have it go to pay off his enormous debts.
Late last month, 50 Cent headed back to court to plead with the bankruptcy judge to allow him to keep control of his investment accounts. He explained that since filing the case he has continued to control his assets and property along with manage his business affairs.
The rapper, born Curtis Jackson, said he has investment accounts at various financial establishments. He pleaded with the judge not to take away his control of his investments because he claimed it would be potentially detrimental to his estate and not allow him to continue making money to pay off his massive amounts of debt.
Then on September 15th, trustee Harrington filed docs in the case objecting to 50 Cent being allowed to continue controlling his investment accounts. The trustee said the rapper’s more than seven million dollars in these accounts aren’t protected by the FDIC – meaning he could easily lose a large percentage of his cash if the market drops.
The trustee said 50 Cent has only $567,000 of his seven million protected by the federal government, which leaves 92% of his investments in danger of being lost if anything with the stock market were to change drastically.
50 Cent filed for bankruptcy last July, just days after a New York jury ordered him to pay Rick Ross’ baby mama five million for leaking a sex tape.
According to his Chapter 11 petition, 50 Cent claimed his assets were between ten and $50 million, but his liabilities were in the same range.
The total amount of liabilities 50 Cent lists for his top 20 creditors comes to a total of $28,478,920.
The rapper has explained in court docs that he is not a celebrity who has spent recklessly living the high life, but rather he is the prime example of the American Dream. It’s just that he got caught up in too many legal battles that have left him with tens of millions to pay out.