50 Cent’s Manager Affected By Madoff’s Ponzi Scheme
Chris Lighty, 50 Cent’s manager and head of Violator Management, is one of the many victims of Bernard Madoff’s infamous $50 billion Ponzi scheme.
As previously reported, Madoff took large sums of money from several high profile entertainers and executives, but kept the cash for himself rather than investing it as promised. While it has been confirmed that Lighty has indeed been hit from the financial scam, he’s remained mum, according to the New York Post. “Nothing to talk about,” he said when asked to what extent he’s been affected. “It’s not life-threatening. Not worth the ink you would waste.”
Listed among Crain’s 2008 “Forty under 40” list of New York business rising stars, Lighty has helped his Violator artists – which include 50, Missy Elliott, Busta Rhymes, LL Cool J and Diddy – create deals worth more than $200 million. He also recently formed the Brand Asset Group with Warner, to create business opportunities with the label’s roster.
Lighty isn’t the only big name affected by Madoff’s ploy, director Steven Spielberg, actor Kevin Bacon and Dreamworks executive Jeffrey Katzenberg are also among the reported victims. – Elan Mancini