50 Cent is laughing straight to the bank after learning his Sire Spirits company won yet another lawsuit against a former employee.
According to CT Insider, a 44-year-old man has pleaded guilty to defrauding the G-Unit mogul’s Sire Spirits for over $2million in what Mitchell Green hid as “agency fees.”
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50’s company paid out about $15million for the champagne and cognac while Green pocketed $2.2 million from 2017-2020 after reaching an under-the-table agreement with a pair of French distilleries to secure kickback fees to his limited liability company.
While the champagne already costs over $150 a bottle, Green had reportedly been inflating the prices and pocketing extra cash.
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The former Sire Spirits employee ended up pleading guilty to wire fraud charges on Monday (September 18) in New Jersey federal court.
The Queens rap icon — who doesn’t play when it comes to his money — reacted to the news on Instagram, letting it be known that he’s going to make sure Green pays for his defrauding attempt.
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“Beam Suntory got me into this mess with these people,” 50 wrote. “They are not going to like the out come.”
Find the post below:
Philip Sellinger, U.S. attorney in the District of New Jersey, said of the crime: “Though he was supposed to negotiate the best deal possible for his employer, Green set up secret side deals to inflate what his employer paid so that he could reap millions of dollars in kickbacks.”
He added: “Companies must be able to rely on the integrity of their agents to conduct business.”
Green will be sentenced in January and there’s a possibility he could face prison time for his crimes. He’s already filed for bankruptcy as well.
Additionally, the courts issued an award of $6million in favor of Sire Spirits in October 2021 against Green, which included pre-judgment interest, attorney’s fees, arbitrator compensation and other fees.
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Green challenged this ruling and tried to have the award vacated, but the court denied his request last June. The court then added $89,305.50 in attorney’s fees last November.
Per AllHipHop, the court demanded that Green pay a total of $6,283,598.50 in compensatory damages, plus pre-and post-judgment interest. If Green does not pay, 50 Cent reportedly plans to begin seizing his personal property and other assets.
