Things are continuing to look in favor of 50 Cent regarding a lawsuit.
For over two years, Mitchell Green, the former director of brand management for Sire Spirits, stole more than $2.2 million from the rapper and entrepreneur’s spirits company, as previously reported by AFROTECH. In the embezzlement scheme, Green was getting kickbacks from wholesalers. 50 Cent had paid $14.8 million for the champagne and cognac of two French distilleries, but Green pocketed $2.2 million in “agency fees” and shared the cash with the distilleries, according to NJ.com. Green had also taken $948,096 from another wholesaler.
On Sept. 19, Green pleaded guilty in federal court on one count of wire fraud, NJ.com reports.
“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,” U.S. Attorney Philip R. Sellinger said, according to the outlet. “Companies must be able to rely on the integrity of their agents to conduct business.”
After pleading guilty, Green could possibly serve up to 20 years in prison, NJ.com discloses. He will also face a fine of $250,000 — “twice the gross profits or twice the gross loss suffered to the victims of his offense, whichever is greatest.”
Additionally, Green filed for bankruptcy after an arbitrator ruled that he must pay $6.2 million to Sire Spirits, which includes $2.7 million in attorney’s fees. As previously shared by AFROTECH, the arbitrator’s decision was confirmed by a New York judge in June 2022. Green petitioned to appeal the ruling, but it was denied and resulted in an additional charge of $89,305.50 in attorney’s fees in November 2022.
“As Green has discovered, there’s no such thing as easy money,” FBI-Newark Special Agent in Charge James E. Dennehy said. “The FBI works tirelessly to ensure that the consequences for this type of fraud far outweigh the initial payout.”
Green’s sentencing is set for January 23, 2024.