Back in April of this year, 50 Cent lost a massive lawsuit against his first-born headphone company, Sleek Audio for stealing their designs and using them to flaunt his next chick, SMS Audio.
The penalty was a stiff one: $16 million ($17.2 million after legal fees).
Being the G-Unit rebel that he is, 50 refused to pay Sleek one red cent of his money but now his bank accounts have been put on ice as a result of his defiance.
50 Cent reportedly can’t even withdraw that amount from his personal bank account after he has failed to pay a $17 million judgment against him.
The 39-year-old hip hop star in April was ordered to pay Florida earphone manufacturer Sleek Audio nearly $4.5 million in attorney fees and $12 million in damages over a failed business deal.
A source close to 50 Cent, real name Curtis Jackson III, said the rapper had complete access to his business accounts but his personal account was frozen, according to an article on Monday by TMZ.
50 Cent can’t get 50 cents out of his ATM, because his personal bank account is now off limits.
It seems 50 didn’t pay a whopping $17.2 million judgment over a deal he made to market headphones for a company called Sleek Audio. Sleek claimed 50 stole its design and then tried marketing it on his own. The law sided with Sleek, and 50 got hit with the massive judgment.
Legal Lesson: If you don’t pay a judgment, the winner can garnish your wages and freeze your bank accounts.
A source connected to 50 tells TMZ the rapper has complete access to his business bank accounts … the only account affected by the judgment is his personal.
And it’s not like he’s broke. Forbes estimates 50’s worth at $140 million.
Account frozen: 50 Cent, shown last month in New York City, was ordered to pay $17 million to a Florida audio company over a headphones deal gone sour
The US District Court in Miami affirmed the whopping award in late March after a three-year legal battle.
Sleek Audio and Jackson had partnered to produce the rapper’s line of over-the-ear headphones.
The audio company in court documents accused Jackson of stealing the designs of the headphones he asked them to conceptualize and manufacture.
Business deal: 50 Cent is shown in December 2011 in New York City promoting his line of Street By 50 headphones
Jackson has been selling headphones of a similar design under the 50-Over line with Florida manufacturer SMS Audio since breaking with Sleek in 2011.
An arbitrator in July ruled against Jackson and damages in the case were based on SMS net profits over three years.
Forbes business magazine in May estimated that Jackson has a net worth of $140 million.
Over the ear: 50 Cent is shown in January 2011 announcing his partnership with Sleek Audio at the Consumer Electronics Show in Las Vegas
The rapper also has his own successful record label G Unit Records and a clothing company.
He also worked with Glacéau on its vitamin water product and earned an estimated $100 million when Coca-Cola in 2007 purchased it for $4 billion.
Jackson also has been cast in the upcoming Antoine Fuqua sports drama Southpaw that features Jake Gyllenhaal, Rachel McAdams and Tyrese Gibson.
In a statement to MailOnline,the star’s attorney Stephen J. Savva said: ‘Mr. Jackson is currently in litigation with a company he invested millions of dollars in that refuses to pay a judgment he obtained against them in 2013.
‘As has been previously reported, in 2014 an arbitrator issued a ruling against him which he is currently appealing in the Florida Courts. While this appeal is pending, the company has been desperately attempting to locate and restrain funds from any account it can find bearing the name “Curtis Jackson,” whether or not those accounts actually belong to Curtis “50 Cent” Jackson.
‘Mr. Jackson is confident that he will prevail on his appeal and that when the case becomes fully pubic, everyone will know exactly why he felt compelled to fight the ruling. In the meanwhile, it should come as no surprise that Mr. Jackson’s assets are appropriately protected for someone of his stature.’