50 Cent’s Manager Victim of Madoff Scam
According to the NY Post, 50 Cent’s manager Chris Lighty is one of Bernard Madoff’s victims. Madoff is the Wall Street financier who literally made off with billions in client investments. (LINK)
Prosecutors accuse Madoff’s brokerage firm of running an elaborate Ponzi pyramid scam by paying investors with money he took in from other clients such as Lighty.
Banks do this every day with our money but they are tightly controlled by the federal government.
Lighty’s involvement came to light when 50 Cent took to the Internet to defend himself against rumors that he lost money in Madoff’s scam.
But Lighty wouldn’t reveal just how much he lost. “Nothing to talk about. It’s not life-threaten ing,” Lighty, 36, told The Post’s Kati Cornell. “Not worth the ink you would waste.”
Lighty, who founded Violator management, represents such high-profile artists as LL Cool J, 50 Cent, Missy Elliott and Sean Combs.
He was named to Crain’s “Forty under 40″ list for 2008. According to Crain’s website, “Mr. Lighty has built his stable of artists into individual branding empires, each worth more than $200 million, carving deals that include video games and fragrance, beverage and clothing lines.”
Madoff is currently under house arrest in his $7 million luxury upper east side NY Penthouse awaiting trial. His victims may never recover the millions they invested with him.
Photo: Wireimage/Getty
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28 Responses to “50 Cent’s Manager Victim of Madoff Scam”
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Just another example of the inadequate unfair legal system…this guy rips all billions of dollars and he sitting in his d@mn mansion on house arrest…what the hell…Now let that be Tyrone from 25th who stole some money his arse would be under the jail!
House arrest?Why don’t they just seize his property!
Sharonda Says:
House arrest?Why don’t they just seize his property!
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This guy knew they were out to get him. He was mailing watches, money and other items to various family members.
lol@KC
Hey Daisy girl…oh and everybody else…
@kc
You are so right! That really blew me. Then they said that he is trying to give chit to him family and liquidating stuff and the judge seems to be pretty much letting him. Some people went from being rich and well off to BROKE from this guy and he was given a bail and house arrest…WHAT?
On another note, I also heard that 50 himself had money with him as well.
Who?
@Charles the owl
Madoff is a real gangsta. lol
A Corporate Thug at it’s finest.
If anything Madoff knew that rich, greedy people would always want to increase their wealth. Rich people are the easiest people to steal from cause they won’t miss their money as much and blah blah blah… lol
I still love 50 though.
He found a penthouse in New York for 7M? That alone is fishy. Tenaments cost the much in midtown.
I’m glad Lighty didn’t give him more money than he could afford to lose. Or at least that’s what it sounds like. Poeple forget that these things are nothing more than gambling anyway.
Damn, for some reason this reminded me of that OLD ATCQ lyric by Q Tip “What’s Chris Lighty if he wasn’t such a baby?” on the song “What?”
Just the fact that he gives extra information as to how much money it wasn’t, suggests how much money it actually was. It’s not like you could invest only a couple hundred thousand with Madoff. Well connected millionaires, billionaires, foundations, etc could not even get approved to invest w/ madoff.
My company just announced we lost wrote off some madoff investments. to the tune of a couple of hundred milli, so again, lighty might be licking his wounds something serious right now .
This madoff shyt is so interesting in an unfortunate way.
Kevin Bacon lost a grip too.
intown51 Says:
Just the fact that he gives extra information as to how much money it wasn’t, suggests how much money it actually was.
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Totally agree…. sounds like he got GOT too.
Madoff is a bit of a genious that got caught.
What is the value of a dollar right now?
The whole act of people investing right now was foolish.
I would elaborate, but I don’t like being too smart ;o)
So everyone knows where this man lives. Don’t be surprised if he comes up missing. You can’t play with money.
Am I wrong for not feeling sorry for rich people losing money? Especially when they brush it off saying its nothing to talk about. Shoot if I loose 20 f’ing dollars its worth talking about.
Hey Shunda the IT lady, once I upload a gravatar how do I employ it here?
Thanks.
@intown you have to clear your cache by going to tools clear private data and uncheck everything except cache and Viola your image should show up.
I SAY SCREW THESE BANKS AND DO IT THE OLD FASHION WAY/
MAKE A BANK IN THE BACK YARD
@intown I had to clear my files and cookies before mine appeared. Make sure you typed your e-mail exactly the way Sandra has it.
Oh, I have to have a grav a/c under the same email address. I’ll try that.
Thanks also Kcicero. Cute kids.
who isn’t shady these days???
Has anyone else received their Time magazine dated February 2nd? It’s a commemorative issue
Proves that $ is the root of all evil too.But can you feel sorry for people who don’t do their research???Just want to hang with the big dogs, eh???
that sux.
and the luxory house arrest is funny to me.
but on a good note, seems chris lighty has class. he aint ranting and raving. keeping it cool, i like that. i always wondered what kind of mind it took to obtain and keep such high profile clients, well making deals of course. i wish i could make deals like that. like what do you say or do? is it based mostly off of the artist or the manager’s reputation. i wonder…
Hello All. They can put our young, black men in jail for selling drugs for yrs and yrs but can’t jail this thief for stealing billions and billions of dollars? Only in America, only in America, STILL the greatest country in the world. I’m just saying…….
Smart men commit White Collar crimes which are not considered too bad in law because they aren’t malicious.
It’s the dirty killers, thugs, and no brainers that get punished for being a threat to society with violence.
Another white collar criminal…and do I feel sorry Lighty or the other victims — Hell Naw. If they were stupid enough to invest in any type of pyramid scheme, they deserve to be got. They were just duped by greed like Madoff…Next. My sympathies lie will recently laid off folks and people about to lose their homes NOT damn millionaires.
Sandra Girl, you wrote:
Banks do this every day with our money but they are tightly controlled by the federal government.
That’s not true, even though it should be. Under Clinton, the deregulation of banks began with his Financial Services Modernization Act in 1999. Under the old law, banks, brokerages and insurance companies were barred from entering each other’s industries.
Commercial banking and investment banking were also separate entities in 1997 and 1998. This protected the consumer, and diminished potential skulduggery by financiers. The banking, insurance, and brokerage industry lobbyists spent over $300 million dollars to get this legislation passed. As you can see now, that $300M was just a drop in the buckets of cash they’re offloading from our tax coffers. With the economy further stretched by Bush’s war, his thieving cronies, and coupled with no oversight protection from the government, our economy is FUBAR.
That’s what REALLY happened. Not what you said. Big hug, S!