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Beanie Sigel's Finances Scrutinized In Court
After being jailed for non-payment of child support, Beanie Sigel was released within an hour of posting more than $27,000 in back child support and $2,000 in fines yesterday (Nov. 10).
The Philadelphia Weekly reports that Sigel seemed almost entirely unaware of his own financial status, and the rapper claimed to have made little income from his movies, music or clothing line.
Early Thursday morning, Sigel was called to the stand to testify about his financial status.
The rapper, who is currently on probation for a gun charge possession, claimed that he had little to no income over the past three years.
For instance, when queried about his earnings from his State Property clothing line that he said is valued at over $20 million; Sigel reported that he received no income in 2004 or 2005.
Sigel also revealed that he only owns a 20 percent stake in the clothing line, and his deal calls for him to receive just one-fifth of 10 percent of the profits his gear yields.
In addition, the Philadelphia MC testified that he made little money off the "State Property" and "State Property II" films.
He reported that he received SAG (Screen Actor's Guild) wages, which amounted to a $100 every couple of weeks. He also indicated that he only made about $100,000 off his music in 2005.
After testimony ended, Sigel attempted to make a good faith payment of $8,000 to avoid being jailed by Judge Leonard A. Ivanoski until April 2006.
The offer was rejected and Beans was sentenced to two concurrent six-month prison terms. The Judge noted that if Sigel could pay the amount owed, plus court fines, he would be set free.
After sitting in jail for an hour, Sigel posted nearly $29,000 and was released from jail.
In December 2004, Sigel was also ordered to pay a $25,000 fine related and sentenced to one year in prison on gun possession charges.
He is currently serving two-years probation for that charge.
Source: allhiphop.com
The Philadelphia Weekly reports that Sigel seemed almost entirely unaware of his own financial status, and the rapper claimed to have made little income from his movies, music or clothing line.
Early Thursday morning, Sigel was called to the stand to testify about his financial status.
The rapper, who is currently on probation for a gun charge possession, claimed that he had little to no income over the past three years.
For instance, when queried about his earnings from his State Property clothing line that he said is valued at over $20 million; Sigel reported that he received no income in 2004 or 2005.
Sigel also revealed that he only owns a 20 percent stake in the clothing line, and his deal calls for him to receive just one-fifth of 10 percent of the profits his gear yields.
In addition, the Philadelphia MC testified that he made little money off the "State Property" and "State Property II" films.
He reported that he received SAG (Screen Actor's Guild) wages, which amounted to a $100 every couple of weeks. He also indicated that he only made about $100,000 off his music in 2005.
After testimony ended, Sigel attempted to make a good faith payment of $8,000 to avoid being jailed by Judge Leonard A. Ivanoski until April 2006.
The offer was rejected and Beans was sentenced to two concurrent six-month prison terms. The Judge noted that if Sigel could pay the amount owed, plus court fines, he would be set free.
After sitting in jail for an hour, Sigel posted nearly $29,000 and was released from jail.
In December 2004, Sigel was also ordered to pay a $25,000 fine related and sentenced to one year in prison on gun possession charges.
He is currently serving two-years probation for that charge.
Source: allhiphop.com