50 Cent files for bankruptcy, says he has $10 to $50 million in debt
theGRIO REPORT - Rapper 50 Cent filed for bankruptcy today reporting $10 to $50 million dollars in debt....
Curtis ’50 Cent’ Jackson filed for for chapter 11 bankruptcy protection today in a Hartford, Connecticut, court.
Court papers reveal Mr. Jackson has reported assets ranging from $10 to $50 million and debts in the range of $10 million to $50 million.
This news comes nearly a week after 50 Cent was ordered to pay $5 million to a Florida woman who alleges that he “destroyed” her reputation when he posted a sex tape online without her knowledge.
The jury decided to fine 50 Cent $2.5 million in damages for violating Lastonia Leviston’s civil rights for using her image without her permission and $2.5 million for intentional infliction of emotional distress.
The judge in this case ordered lawyers to look through financial statements and tax returns for 50 Cent to determine his financial situation and informed the jury that punitive damages could be set at a high price range in order not only to punish the rapper for his actions but also to discourage anyone else “from indulging in similar conduct in the future.”
Leviston’s lawyer, Philip Freidin, has asked the jury for a $20 million decision because 50 Cent had “destroyed” his client’s reputation and caused her overwhelming humiliation.
The tape in question had been released online in an attempt by 50 Cent to get back at rival Rick Ross, who had fathered a child by Leviston.
