Going Broke Badly: Celebrities And Bankruptcy Fraud

Law360, New York ( April 18, 2016, 11:32 AM EDT) -- Recently, lawyers for 50 Cent fought against the appointment of a bankruptcy examiner to investigate Instagram photos the rapper posted of himself lying next to piles of $100 bills. In one picture, the bills spelled out the word "BROKE." The humor of the photos was lost on the office of the U.S. trustee, which viewed the postings as disrespectful of the bankruptcy process and possible evidence that 50 Cent committed bankruptcy fraud by concealing assets from his creditors. In its examiner motion, the U.S. trustee states that it has "serious concerns about the veracity of the financial information" provided by the debtor, in light of his social media posts and discrepancies between his original bankruptcy schedules and statement of financial affairs and subsequent amendments....

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