• 23
  • June
    2011

Our readers may or may not have heard of the celebrated Tennessee-born American Southern rapper Young Buck. A former colleague of famed rapper 50-cent, Young Buck has earned a reputation as a controversial figure in the hip hop world.

Unfortunately, Young Buck-David Darnell Brown-has been going through some financial troubles as of late. Last August, Brown filed for Chapter 13 bankruptcy protection. As part of the Bankruptcy proceedings, Brown is required to hand over the proceeds of concerts and appearances. As of now, the rapper is currently under investigation as to whether he has "accurately represented his financial situation" by fully disclosing all his income since his bankruptcy filing last fall.

The Wall Street Journal reports that the bankruptcy trustee in Brown's case became aware earlier this month that Brown or somebody known by him set up an unauthorized bank account to which the proceeds of performances and appearances were being wired.

As a result of the discovery, Brown now has to appear for questioning in U.S. District Court and submit documentation of all his bank accounts, copies of bank statements, as well as cancelled checks and a detailed account of all income from tours and other net income he has received since the start of the year.

The bankruptcy process always involves a trustee who is in charge of administering the bankruptcy estate. A trustee is appointed either by the creditors involved in the case or by the U.S. Department of Justice. In Chapter 13 bankruptcy, the trustee receives all the debtor's monthly payments and disburses them to creditors. The trustee ensures that the interests of the debtor and the creditors in the case are protected.

Source: Wall Street Journal, "Trustee to Question Young Buck Over Concert Fees," 16 June 2011.