50 Cent account frozen - After failing to pay a $17 million settlement to Sleek Audio, rapper 50 Cent's personal bank account has been frozen on Monday.
Reports indicate that the 39 years old rapper and mogul, Curtis Jackson III, also known as 50 Cent, was ordered to pay earphone manufacturers Sleek Audio about $17 million in April.
The 50 Cent account frozen incident has gone viral online. But it seems 50 still has access to his several business accounts. According to TMZ's report on the 50 Cent account frozen case, it is only his personal account that was frozen by the court.
50 Cent had partnered with Sleek Audio to produce his line of over-the-ear headphones in 2011. Sleek Audio reportedly sued the rapper after he stopped working with them in 2013. The company accused 50 Cent of stealing the headphone designs, which he had contracted them to create and manufacture. However, 50 cent has accused Sleek Audio of fraudulently inducing him into entering a contract.
Reports indicate that after a three year legal dispute, a US District Court in Miami found Sleek's claims to be true and ordered 50 Cent to pay the sum of $17 million in damages. The settlement Includes $4.5 million in attorney fees and $12 million in damages.
50 Cent's headphones with SMS Audio, which features a similar design as the once manufactured by Sleek Audio, have been in stores since 2011. In July, the court asked the rapper to pay the huge settlement sum from profits he has acquired from sales of the SMS headphone.
However, after the 50 Cent account frozen news started making rounds, the rapper's attorney has announced that an appeal is being filed against the Sleek Audio.
"Mr. Jackson is currently in litigation with a company 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," Stephen L. Sawa, the rapper's attorney said.
"Mr. Jackson is confident that he will prevail in his appeal and that when the case becomes fully public, 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," Sawa added.
The 50 Cent account frozen news has raised a lot of interest in the rapper's net worth. According to reports from Forbes, 50 Cent's net worth currently stands at $140 million.
