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Beanie Sigel’s Finances Scrutinized In Court

beanie2

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.

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