Mitchell Green, the former director of brand management for Sire Spirits, a spirits company owned and designed by award-winning musician Curtis “50 Cent” Jackson, has pleaded guilty to charges of embezzling $2.2 million from the celebrity’s spirits enterprise. Green’s sentencing has been scheduled for Jan. 23, 2024.
According to court documents, Green’s involvement in the embezzlement scheme dates back over two years, coinciding with 50 Cent’s purchase of $14.8 million worth of champagne and cognac from two French distilleries. Green allegedly siphoned $2.2 million in “agency fees” during this transaction and shared these illicit gains with the distilleries involved. He also stands accused of misappropriating $948,096 from another wholesaler.
Commenting on the case, U.S. Attorney Philip R. Sellinger stated: “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 to reap millions of dollars in kickbacks. Companies must be able to rely on the integrity of their agents to conduct business.”
In light of his guilty plea, Green faces a potential prison sentence of up to 20 years. He will also be subject to a fine of $250,000, which equates to “twice the gross profits or twice the gross loss suffered by the victims of his offense, whichever is greatest.”
Furthermore, Green’s financial woes extend beyond the criminal charges. After an arbitrator ruled that he must pay $6.2 million to Sire Spirits, including $2.7 million in attorney’s fees, Green filed for bankruptcy.
A New York judge affirmed the arbitrator’s decision in June 2022. Green’s subsequent petition to appeal the ruling was denied, leading to an additional charge of $89,305.50 in attorney’s fees in November 2022.
In his journey beyond music and celebrity endorsements, 50 Cent diversified his earnings by investing in various privately controlled companies, real estate, stocks, and bonds. Notably, some of these investments experienced losses during the 2008 recession.
In 2014, 50 Cent became a minority shareholder in Effen Vodka, a Dutch vodka brand, after investing an undisclosed amount in Sire Spirits LLC, the parent company.
Adding to his expanding portfolio, in October 2022, the Indiana Pacers unveiled a multi-year partnership with 50 Cent, his premium wine and spirits company, Sire Spirits LLC, and his charitable organization, The G-Unity Foundation.
