Cash stacks seen on Instagram weren't real, 50 Cent tells judge, then posts another photo
Updated: Recent Instagram photographs posted on the Internet show 50 Cent against a background of big bucks. What appear to be stacks of bills are piled behind him in one photo, strewn around him on a bed in another and spell out the word “BROKE” in a third.
But they weren’t actual money, just props, said the rapper, whose real name is Curtis James Jackson III, in a Tuesday filing in his Chapter 11 bankruptcy case, according to the Hartford Courant and the New York Times (reg. req.).
Explaining that he needs to maintain his image on social media, the rapper said he had accurately disclosed his income and assets.
“Just because I am photographed in or next to a certain vehicle, wearing an article of clothing, holding a product, sitting next to what appears to be large sums of money or modeling expensive pieces of jewelry does not meant that I own everything in those photos,” he wrote.
Creditors brought the photos to the attention of the bankruptcy judge in the Connecticut case, who asked for an explanation. However, at a Wednesday court hearing lawyers for 50 Cent said he and the creditors who hold almost all of his debt have reached an agreement.
A plan filed Tuesday calls for 50 Cent to repay more than $23 million over a five-year period, reports the Bankruptcy Beat page of the Wall Street Journal (sub. req.). It requires bankruptcy court approval to be finalized.
Nonetheless, an attorney for the U.S. trustee’s office asked Judge Ann Nevins to appoint an independent examiner to go over the rapper’s claimed income and assets, reports the Associated Press.
“If debtors are not held accountable … then we don’t have any public confidence in the system,” said attorney Holley Claiborn.
Lawyers for both 50 Cent and his creditors opposed the trustee’s request. But Claiborn said the inquiry is still needed. “The examiner isn’t just for the creditors; it’s for the public aspect of the case.”
Nevins did not immediately make a ruling. “Is it fair to say the U.S. trustee doesn’t understand the genius of this marketing strategy?” she asked at one point, as lawyers for the rapper explained the importance of social media to him.
Meanwhile, even if she does rule in his favor and OK the payment plan without appointing an examiner, 50 Cent might not be done dealing with legal issues related to the Instagram posts, according to Billboard.
That’s because it appears that the cash depicted in his photos, if fake, could have violated U.S. Secret Service rules concerning currency illustrations, the article says. Described on a Secret Service website, the rules say bills used for illustrations should be larger or smaller than real-life currency, among other requirements.
A Secret Service representative declined to discuss 50 Cent’s photos specifically with Billboard. A legal filing indicates that he may have gotten the money from a company that says “We carefully try to meet all legal requirements for Prop Money,” which is sold by the stack.
The magazine, however, wonders whether prop money that could be legitimately used for entertainment purposes might be questionable when employed for social media marketing uses. That appears to be a cutting-edge issue that awaits a definitive answer from the feds.
By the end of the afternoon on Wednesday, 50 Cent had posted a new cash photo on Instagram, the Times notes.
This time, though, the seeming cash content is very modest compared to earlier Instagram photos.
The latest shows 50 Cent, with three stacks of what seem to be $100 bills stuck in his waistband and holding a yellow bag of candies. It is captioned: “For some reason people love me. I went to court today and all I felt was love. They asked me about money I said I ain’t got none, but if you want some m&m’s here ya go.”
Related coverage:
ABAJournal.com: “Days after 50 Cent is ordered by bankruptcy judge to explain Instagram cash photos, he posts another”
Updated at 1:25 p.m. to include Billboard article about Secret Service rules for fake currency.
