A bankruptcy watchdog told rapper 50 Cent that more than $7 million he’s keeping in investment accounts with Credit Suisse, Merrill Lynch and Goldman Sachs isn’t safe enough, the Wall Street Journal Bankruptcy Beat blog reported today. U.S. Department of Justice lawyers are pushing for the 40-year-old entertainer, whose real name is Curtis James Jackson III, to take extra steps to protect $7,019,155.11 he’s keeping in three investment accounts. That investment money makes up a healthy chunk—roughly 25 percent — of his net worth, lawyers said in documents filed on Tuesday in U.S. Bankruptcy Court in Hartford, Conn. Yet only $567,722.30 of that money was insured by the Federal Deposit Insurance Corp. as of July 31, court papers said. Funds in those accounts “are subject to risk from market loss and institutional insolvency and are not FDIC-protected or protected by a bond in favor of the United States,” a violation of federal law, said lawyers for U.S. Trustee William K. Harrington.
