Thursday, January 13, 2011
Hustle Hard but the SEC Hustles Harder: 50 Cents Makes $8.7 Mil
"Rapper 50 Cent may have momentarily gotten $8.7 million richer after encouraging his Twitter followers to invest in a money-losing penny stock, but now the hip hopper may be in big trouble with the Security Exchange Commission.
Last weekend, 50, born Curtis Jackson, reportedly Tweeted to his 3.8 million followers, “You can double your money right now. Just get what you can afford” and “They are no joke get in now” about H&H Imports, previously a money-loser with a reported deficit of at least $3.3 million.
Jackson reportedly received 30 million shares of H&H stock in a private placement last October. H&H owns TV Goods, a direct response marketing founded by infomercial guru Kevin Harrington.
H&H closed at 39 cents on Monday, up 29 cents, netting Jackson's shares the aforementioned $8.7 million." -- Via Fox News