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Rich Kids On Instagram Reveal Parents' Fraud Scams

| by Sean Kelly
50 Cent Broke50 Cent Broke

Rich kids have begun using Instagram as a way to unknowingly expose their parents' fraudulent activity.

Young heirs and children of wealthy parents have taken to Instagram to flaunt their lavish lifestyles since the photo app launched, but what many didn't realize was they gave investigators the evidence they needed to bust parents for fraud scams or hidden assets.

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Social media evidence, according to The Guardian, has been a major player in 75 percent of litigation cases that cybersecurity firms took on -- cases ranging from billionaire divorces to asset disputes between oligarchs.

K2 Intelligence Managing Director Oisin Fouere told the website that social media was the "first port of call" for the London-based firm.

Daniel Hall, Burford Capital's director of global judgment enforcement, said his firm recently seized a "newly acquired private jet" in a fraud case because one of the people involved had a son who posted an Instagram photo of himself and his dad posing in front of the plane.

"That's the kind of jackpot scenario one hopes for," Hall said.

Andrew Beckett, the managing director of cybersecurity and investigations with Kroll, told GQ that thanks to social media he was able to close the investigation of a divorce case that involved a millionaire who claimed he didn't have the $30 million he was ordered to pay.

"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 $60m, which the court then seized until he settled the amount that had been ordered.”

Even rapper 50 Cent, who famously claimed bankruptcy, was forced to explain the circumstances of an Instagram photo that showed him using $100 bills to spell out the word "broke."

The phenomenon of rich kids providing evidence of their parents' fraud scams via Instagram is the subject of a documentary for the British TV's Channel 4.

Sources: The Guardian, GQ / Photo credit: 50cent/Instagram via Cosmopolitan