50 Cent

50 Cent Slams Court Over His Bankruptcy Case & Quits Instagram

It looks like 50 Cent‘s online antics may have caught up with him and now he’s cashing out. (No pun intended)

According to NY Daily News, the mogul reached a deal with his creditors in bankruptcy court on Wednesday.

Under the pact — which still has to be approved by a federal judge — the entertainer, whose real name is Curtis Jackson, could pay his biggest creditors as much as 74% of what he owes them.

That includes a $6 million settlement with Lastonia Leviston, the Florida woman who sued him for putting her private sex tape on the Internet in order to attract people to his website.

A Manhattan jury awarded her $7 million last year for the pain that he caused her; Jackson would abandon his right to his appeal of that verdict as part of the agreement.

The good news for Jackson was offset by a two and a half hour hearing before U.S. Bankruptcy Court Judge Ann Nevins who heard arguments on whether she should order a more detailed investigation into Jackson’s finances.

“You came to this court for help,” Nevins said. “You asked for a second chance.”

The U.S. Bankruptcy Trustee for Connecticut Holley Claiborn argued that Jackson’s social media postings — including Instagram photos showing him surrounded by stacks of hundred dollar bills — raised questions about his “credibility” and the claims he has made in court about his finances.

“He put the images out that he has large sums of money and then says it’s false,” Claiborn said. “If one is true and the other is not, that invokes a concern with the US Bankruptcy Trustee about the credibility of the debtor.”

Jackson filed a statement with the court late Tuesday saying the hundred dollar bills were not real, only props to support the notion in the public’s mind that he is a successful artist.

Claiborn said Jackson also posted a message about his new lavish “crib in Africa” but the house — which he says doesn’t exist — was not listed among his assets in official court documents.

“We don’t take issue with those postings,” she said. “It has a lot to do with the perceptions of the public. The concern is that he’s sent a message that the process is not serious, that you can mock it and do whatever you like.”

Nevins noted that there also were “inconsistencies” in Jackson’s filings about his assets. For example, one day last month he claimed in court filings to have $44 million in accounts receivable and then he retracted that a week later.

50 Cent returned to Instagram and slammed the court over how he’s being treated.

The rapper posted a series of photos depicting poverty and accused the court of treating him unfairly writing, “The system is so messed up, the law applies differently to people based on the personal perception of them. It’s amazing how bad it is it’s sad.” He added, “When you make money you become a target.”

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