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Thread: Johnny Depp Files $25 Million Lawsuit Against Business Managers for Fraud

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    Default Johnny Depp Files $25 Million Lawsuit Against Business Managers for Fraud

    Johnny Depp believes he’s been the victim of some very bad accounting and it could end up costing him one of his homes.

    The Pirates Of The Caribbean star filed a lawsuit against his own business managers at The Management Group on Friday, according to court documents obtained by Deadline.

    Depp is asking for more than $25 million in a jury-seeking suit, alleging fraud among several other claims, including breach of contract and professional negligence.

    The filing also alleges that the management firm is trying to foreclose on Depp’s primary home through a loan he claims came from the management company.

    “As a result of years of gross mismanagement and sometimes outright fraud, Mr. Depp lost tens of millions of dollars and has been forced to dispose of significant assets to pay for TMG’s self-dealing and gross misconduct,” reads the complaint.

    “In essence, TMG treated Mr. Depp’s income as their own, available to either TMG or third parties to draw upon as desired,” adds the filing.

    The complaint also states that Depp only learned of the misconduct after terminating his relationship with TMG and hiring a new business manager.

    Finally, the suit asks for a temporary restraining order and permanent injunction, which would prevent the firm from foreclosing on the home.

    Michael Kump, attorney for TMG, issued a statement Friday to The Hollywood Reporter, saying, “For 30 years, Joel and Rob Mandel, and their company The Management Group, have been trusted business managers to some of the most successful individuals and companies in the entertainment business. For 17 of those years, they did everything possible to protect Depp from his irresponsible and profligate spending.”

    The statement continued, “In December 2012, Depp faced financial ruin with the impending default on a $5 million bank loan. The Mandels bailed him out by loaning him $5 million, which he promised to repay by January 2014. Although Depp later changed managers, he never alleged any wrongdoing. In October 2016, with Depp still owing $4.2 million, the Mandels started non-judicial foreclosure proceedings against certain of Depp’s properties. Depp’s lawsuit, filed on the eve of the sale of those properties, is a transparent attempt to derail the foreclosure by concocting and spreading malicious lies about the Mandels. His tactics and lawsuit will fail, and he will be forced to pay back the loan as promised.”

    Earlier on Friday, Depp’s divorce from Amber Heard was finalized. According to docs obtained by PEOPLE, Depp will keep all of his real estate holdings.

    http://people.com/movies/johnny-depp-fraud-lawsuit/


    https://cfmedia.deadline.com/2017/01/bc646882.pdf
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    Elite Member lindsaywhit's Avatar
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    I remember when I loved Johnny Depp.


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    Seems this all came about when his team had to provide forensic financials to Amber's team in the divorce. Seems to me either one side is delusional about what they've spent in the past 17 years or the other side are crooks and liars. Should be interesting to see what the outcome is. He was worth 650 million at one time and now they're saying he had to borrow from them for his house? Something is adding up no matter whoever is lying or delusional.
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    Johnny should call Nick Cage to find out how weird collections and multiple houses can bankrupt a man. Stupid twat.
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    No wonder he's having hissy fits about paying the divorce settlement.

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    Quote Originally Posted by Wisher2 View Post
    Seems this all came about when his team had to provide forensic financials to Amber's team in the divorce. Seems to me either one side is delusional about what they've spent in the past 17 years or the other side are crooks and liars. Should be interesting to see what the outcome is. He was worth 650 million at one time and now they're saying he had to borrow from them for his house? Something is adding up no matter whoever is lying or delusional.
    Plenty of people with a large net worth mortgage, there are various benefits plus the actual *cash* might be tied up in residuals, share stock, other properties, etc.
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    Elite Member witchcurlgirl's Avatar
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    Buying thousands of ratty scarves can really burn through your nest egg.
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    Silver Member Heidi Ho 2.0's Avatar
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    What a dick.

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    Elite Member Brah's Avatar
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    Guess he'll have to switch to Wet N Wild for his black nail polish.

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    Quote Originally Posted by Brah View Post
    Guess he'll have to switch to Wet N Wild for his black nail polish.
    Maybe his daughter can get him a discount on Chanel though.
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    To quote Nelson Muntz, "Ha ha"

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    I can't find it in me to feel sorry for any person with such a large net worth when they claim that they are broke, etc. I get that a lot of their net worth might be tied up in investments and not on hand cash. But, if you've been a major Hollywood star for decades and spend recklessly and irresponsibly and burn through your fortune I can't feel bad for you. Understand your financials, don't let anyone else have that much control of your money where they could steal from you. Be responsible for yourself and your family.
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    Most people don't really account for the amount of money they blow on drugs & alcohol
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    Gold Member bootspaige's Avatar
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    maybe he's hiding it from Amber.

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    Quote Originally Posted by dolem View Post
    I can't find it in me to feel sorry for any person with such a large net worth when they claim that they are broke, etc. I get that a lot of their net worth might be tied up in investments and not on hand cash. But, if you've been a major Hollywood star for decades and spend recklessly and irresponsibly and burn through your fortune I can't feel bad for you. Understand your financials, don't let anyone else have that much control of your money where they could steal from you. Be responsible for yourself and your family.
    I guess it's just us little people that read bank and brokerage statements.
    panic and HWBL like this.

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