The rapper, real name Curtis Jackson III, filed for bankruptcy protection last summer.
The moved followed a court order to pay $7.5 million to Lastonia Leviston for illegally posting her sex tape. At time she was the girlfriend of rapper Rick Ross. Fiddy posted the vid as part of a beef.
Leviston spotted several photos of Jackson on Instgram lolling about with stacks and stacks of what presumably were $100 bills. His also posted a photo showing stacks of money in his refrigerator.
She told bankruptcy judge Ann Nevins, who promptly ordered Jackson to appear in court to explain the money.
“I’m concerned about allegations of nondisclosure and a lack of transparency in the case,” Judge Nevins said at a hearing Thursday in Hartford, Conn., according to The Wall Street Journal.
“There’s a purpose of having a bankruptcy process be transparent, and part of that purpose is to inspire confidence in the process.”
Bankruptcy is supposed to help “honest, but unfortunate” people get a fresh start, she explained. The emphasis, of course, is honest.
It’s a felony to conceal assets in a bankruptcy that could be used to pay creditors.
Real Housewives of New Jersey moll Teresa Giudice just finished a jail sentence for concealing assets.
“Dance Moms” host, Abby Lee Miller, is facing similar felony charges for allegedly concealing assets in her bankruptcy.
Jackson joined a long list of high-flying rappers who have filed for bankruptcy. Rapper Kanye West may be the next in line begging for relief. He said on twitter last week that he is $53 million in debt.
Jackson reportedly owes creditors $30 million, including $18 million to his mortgage lender and a business partner in a failed headphone company. They want the court to hire a professional money manager to handle debt repayment.
His lawyers said in a legal filing that Jackson posted the Instagram photos to “maintain his brand and image.”
In other words he’s supposed to look successful, apparently even if he isn’t.
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