Friday, March 29, 2024

50 Cent Files for Bankruptcy in $5M Sex Tape Trial

Kidd Kidd (L) and Curtis "50 Cent" Jackson of G-Unit perform during the "Power" season two premiere event with a special performance from 50 Cent, G-Unit and other guests on June 2, 2015 in New York City
Kidd Kidd (L) and Curtis “50 Cent” Jackson of G-Unit perform during the “Power” season two premiere event with a special performance from 50 Cent, G-Unit and other guests on June 2, 2015 in New York City

*50 Cent is crying broke in a new personal bankruptcy case he filed Monday – just before he was scheduled to hand over documentation of his assets in a $5 million sex tape trial.

According to Page Six, a Manhattan jury on July 10 took  just 70 minutes to find that Fiddy, born Curtis Jackson III, as part of his rap beef with rival Rick Ross, posted a private sex video featuring Ross’ baby mama online to millions of viewers.

The woman, Florida resident Lastonia Leviston, sued in 2010, claiming the posting nearly drove her to suicide.

On Monday, Jackson was supposed to give the court a net worth statement plus his state and federal tax returns for the past five years on Monday so the jury could calculate punitive damages in addition to the initial $5 million award for Leviston’s emotional distress.

But the initial Connecticut Chapter 11 bankruptcy filing says Jackson has $10 to $50 million in assets and $10 to $50 million in liabilities. It puts his creditors at between 1 and 49.

Ironically, the bankruptcy claim comes just days after The New York Times published a glowing profile of Jackson, calling him a “Renaissance Man” who favors Versace shirts and has “exceptional business instincts.”

50 had tried to sidestep the sex tape trial in May by filing for bankruptcy on behalf of his boxing promotions company, but a federal judge ruled that the civil case had to go forward and threatened the rapper with sanctions.

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