Rapper 50 Cent files for bankruptcy

Posted by: admin , July 15, 2015

Rapper 50 Cent, real name Curtis Jackson III, has filed for Chapter 11 bankruptcy protection following a sex tape lawsuit that cost him $5 million.
Curtis was reportedly sued by Lavonia Leviston after he acquired a sex tape with her and another man, narrated the 13-minute video as ‘Pimpin Curly’, then posted it online without her permission.
In papers filed with the US bankruptcy court in Harford, Curtis listed his assets and liabilities as being between $10 and $50m.
It’s reported that Curtis says he is simply taking the precautions that “any other good businessperson would take” in his situation.
Chapter 11 bankruptcy protection will enable Curtis to continue his entertainment and business endeavours while his finances are reorganised.
In May 2015, Forbes estimated Curtis’ net worth to be $155 million.
50 Cent is best known for his 2003 album get Rich or Die Tryin’, but has also made money through investments (such as his stake in Vitamin Water) and movies (he stars in upcoming film Southpaw with Jake Gylenhaal).