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.
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