Here’s Why These Celebs Fired Their Money Managers!
When we look at the glamorous lives of rich celebrities, we feel envious of their high-flying lifestyle. However, celebrities are often a soft target of money scams. When celebrities make so much money, financial managers find it hard to resist and want a large part of that money. Well, they often steal money from them without asking for their permission. No wonder there have been ample examples of money feuds between celebs and their financial managers. Let’s take a look at some of them.
Keith Moore has been Sting’s financial advisor for 15 years, but things changed when he was caught swindling Sting out of $9.8 million. Moore had created 100 different financial accounts for him. Keith continued to slowly but surely strip him clean of all his hard-earned money. Keith took advantage of Sting and criticized him for not noticing the malicious financial activity until Moore was in prison six years later.
Elton John also had an issue with his business manager, Andrew Haydon, and sued him. He had mismanaged close to $29 million of his tour funds. However, John’s lawyer couldn’t get the verdict in his favor. To top it all Elton had to part with $10 million as case fees.
Popstar Rihanna had a similar predicament and sued Berdon LLP in 2012 for mismanaging funds, improper tax filing, and taking away a percentage of profits. She blamed Berdon LLP as they have not let her know on the Last Girl on Earth tour that she lost money. Berdon LLP said that the singer’s spending habits were the reason for the tour’s failure, but finally, the two parties came down to an agreement and a $10 million settlement.
Patricia Cornwell is one of the most popular crime writers. However, she had to do a little bit of sleuthing for herself and found out what her fortune management company was up to? She decided to sue the New York accounting firm Anchin, Block & Anchin LLP for financial negligence that made her part with millions. Cornwell went on to win her case in February 2013, and her bank account was heftier by $50.9 million.
Ben Stiller had a lowdown with her financial advisor, Dana Giacchetto, who was stealing funds. Giacchetto took away $250,000 from Stiller. However, the actor was lucky enough to get the money back. Giacchetto had been at it for several years now. He duped several A-listers, including B-52s singer Fred Schneider, actors Tobey Maguire and Cameron Diaz. None of the cases were resolved, and Giacchetto went to prison for three years.
Uma Thurman dragged Kenneth Starr to the court as he had been swindling at least $1 million of her funds to support his wife and family. Once Thurman found out how he was swindling her and doing more than managing her taxes. She was lucky because Starr paid her by t taking money from other clients. He, however, was sent to prison as the FBI found him guilty on many counts.
Ricky Williams, the former University of Texas and NFL running back, the winner of the 1998 Heisman Trophy, laid too much trust on financial advisor Peggy Fulford and King Management Group. As a result, Fulford Ricky took away $6 million of Williams’ money out of his account. Ricky had no clue about it. The case had languished in the courts for many years; we still don’t know about the final verdict. Most Celebrities earn by the millions, but they often fall short in managing the funds in the right way.
It is necessary to find out the right financial advisor since tax-related advice can play an important role in optimizing and managing your wealth. However, celebs often end up trusting their financial advisors way too much and end up paying a hefty price for it. This way, they lose the hard-earned money as their trusted advisors try to manage their finances and their finances too with the money. This is one of the cons of being a celebrity. They have to choose their trusted ones with care as they attract the wrong kind of people because of their enormous wealth. It also goes on to show how important it is to research your financial advisor. A celebrity or not, one should always know who is managing their funds and how to avoid such pitfalls and legal battles.
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