Rapper 50 Cent appeared in court Wednesday afternoon to admit to the judge presiding over his bankruptcy case that that the wads of cash he was seen posing with on his personal Instagram account were fake. The 40-year-old, whose real name is Curtis Jackson, told judge Ann Nevins that the money was a prop and made specifically for music videos and photo shoots.
Since filing for Chapter 11 bankruptcy in July 2015, Jackson has posted a number of photos on his Instagram with piles of cash, including one picture where the rapper spelled out "broke" in cash. In a 22-page document submitted the rapper defended his decision to post the pictures of the cash, as well as his new title, "Too Rich."
The rapper arrived in court at 11 a.m., three hours before he was supposed to be at his hearing and smiled at reporters even though he answered no questions.
New finical records that were submitted in court on Wednesday showed that the rapper has nearly $19.9 million in assets including a mansion in Farmington, Conn., and has $10.6 million in bank, brokerage and other financial accounts. The documents list $36 million in liabilities.
"I'm concerned about allegations of nondisclosure and a lack of transparency in the case," Judge Nevins said in court.
Critics of Jackson suggested that he was secretively hiding money from the court. One such critic is Lastonia Leviston, a woman who won $7 million from Jackson after she sued him for posting a sex tape of her online. Leviston was never able to collect the money Jackson owed her since he filed for bankruptcy.
"As a hip-hop artist and entertainer, it is imperative that I continue to project aspirational goals of success in order to preserve my brand and those I represent," Jackson said. "What I say and what I do on social media has a direct impact on my music sales and the viewership on my television shows."
"Just because I am sensitive to the needs of maintaining my brand does not mean that I am hiding assets or that I have lied on my filings to this bankruptcy case," Jackson continued.
In court, the U.S. Trustees office asked Judge Nevins to appoint an examiner to review Jackson's assets.
A photo posted by 50 Cent (@50cent) on Nov 26, 2015 at 12:00pm PST
