Top Rich Kids’ Social Media Posts That Could Send Parents To Jail
The super rich are at risk of having their family assets exposed.Advertisement
Children of the super wealthy are putting their parents in dangerous positions by showing off their assets and lifestyle on social media. According to experts, sites such as Instagram have become a platform for affluent teens to flaunt their luxurious lifestyle by posting pictures of the assets they own such as cars, jets and boats.
As a result, they are inadvertently drawing the attention of fraud investigators and, more importantly, cyber criminals.
Social media is used as evidence by cybersecurity firms in as many as 75 percent of all litigation cases, Telegraph reports. K2 Intelligence in London uses social media as its “first port of call,” Managing Director Oisín Fouere said.
As reported by the Guardian, majority of these cases involve people of “a slightly older vintage,” who did not use social media excessively but their children and associates did, Daniel Hall, director of global judgment enforcement at Burford Capital, said.
One case involved a man who said he did not possess any items of significant value only to have his lie exposed when his child posted a picture of the $22 million yacht his family owned.
Rapper 50 Cent, who had filed for bankruptcy and at the same time posed with $100 bills in a social media post, was ordered to explain the same by a U.S. court. Thereupon, he claimed that the money, which he had used to spell the word “broke,” was not real. 50 Cent’s post can be viewed here.
9NEWS.com.au cites a divorce case where the husband’s lie, saying he was almost broke, was brought to light after concealed assets worth millions of pounds were discovered, Andrew Beckett, managing director of cybersecurity and investigations at Kroll, said. These assets, Beckett said, were discovered by tracking the location of the children’s social media posts.
“We monitored social media, particularly for his children, who were in their 20s, and found a lot of posts from the same geo-tagged sites,” Beckett said.
“Cross-referencing that with land registry and other similar bodies overseas, we found half a dozen properties that were registered in the name of this person. “We were able to go to the court with a list of assets that we conservatively estimated at $60 million, which the court then seized until he settled the amount that had been ordered.”