Hip-hop mogul 50 Cent has been known as an astute — if not at times ruthless — businessman, but it seems that one of his employees at his liquor company, Sire Spirits, pulled a fast one.
According to reports, 50 lost millions to the former director of Brand Management, who secretly pocketed kickbacks from the company’s top clients. Mitchell Green skimmed off $2.2 million in kickbacks from wholesalers, the New York Post reported. According to Manhattan Federal Court filings, Green started to cheat the company in 2018, and it was at least two years before he was found out in 2020.
Green finally admitted to stealing from 50 Cent’s company in February 2020, after someone began extorting him and threatened to expose his deeds. Green was fired and Sire Spirits took him to arbitration.
Sire Spirits sued Green and won a significant judgment against the former employee. Green was ordered to return more than $948,000; he was also ordered to pay court costs, Sire Spirits’ attorney fees and $2.7 million in damages. In total, Green has to pay Sire Spirits more than $6 million.
About Sire Spirits
While Sire Spirits is not a huge operation, as it employs about five people, it has an estimated revenue of between $1 million and $5 million, according to Datanyze.com. 50 Cent launched the company in 2018.
The company has several spirits. Under its Branson Cognac brand, it sells VS Branson Cognac, VSOP Branson Cognac and XO Branson Cognac. Sire Spirits also produced a champagne called Le Chemin Du Roi. The cognac starts at $200, depending on type and bottle size, and the champagne goes for $150 and up, depending on bottle.
Scaling Up Sire Spirits
50 Cent has been putting the work in to grow Sire. He recently inked deals with NBA teams, including the Houston Rockets and Sacramento Kings, to bring his famous champagne Le Chemin Du Roi and Branson Cognac to fans.
An arbitrator found Green liable for the money he pocketed, along with another $948,096 paid to a wholesaler, and ordered him to pay another $2.7 million in attorneys fees, costs and damages, for a whopping total of $6.2 million, court records show.
Sire Spirits’ Other Legal Battles
Liquor giant Remy Martin claimed 50 stole its bottle design. Sire Spirits and Remy Martin are battling it out in court.
50 Cent’s Own Finance Battles
Today 50 Cent reportedly has a net worth of about $40 million. He has earned at least $260 million from his various ventures, including record sales, touring and several brand partnership deals. But when 50 Cent — who grew up in the lower income area of South Jamaica, New York and was a drug dealer before his music career took off — first obtained wealth, he spent lavishly on real estate and cars. He filed for Chapter 11 bankruptcy in July 2015. Before the bankruptcy, 50 Cent’s fortune topped $100 million, according to Celebrity Net Worth.
