Entertainers And Athletes Who Have Been Robbed By Financial Advisers And Managers And How To Avoid The Same

 

Manny Pacquiao

Many entertainers and athletes have been robbed by their financial advisors and managers. This has occurred for various reasons. Sometimes navigating the waters of fame and fortune for the inexperienced, proves too much, so they rely on others, who sometimes turn out to be untrustworthy and unethical. Entertainers and athletes need to be aware of the pitfalls when choosing representation regarding their finances. There are many sharks in the industry who will take advantage of you if they can.

Beloved Filipino boxer, Manny Pacquiao was ripped off by his accountant/financial advisor. Money was stolen and the boxing star’s taxes not paid, putting him in a difficult predicament. The truth came out when his accountant died of a stroke and all the paperwork he hid from Pacquiao revealed the discrepancies in how the star's finances were improperly handled. Pacquiao has since earned millions more from recent fights.

 

Billy Joel

Superstar singer and gifted musician, Billy Joel, responsible for some of the biggest pop hits of the past 30-years, was robbed by his brother-in-law, who acted as a financial manager. Joel’s brother-in-law stole $15,000,000 the star has not recovered to this day. In speaking about the incident during an interview, one can sense the hurt Joel feels that someone close to him betraying him in this manner. 

Steve Harvey

Well-know comedian and talk show host, Steve Harvey, lost millions of dollars when his financial advisor ripped him off and left him owing a massive amount of money in back taxes to the U.S. Internal Revenue Service. His adviser failed to submit tax payments for years and pilfered Harvey's funds as well. Harvey had to greatly increase his workload for a significant period of time to pay the back taxes owed to the government, in a debt that has now been settled.

Jerry Supiran

Former child star, Jerry Supiran, 40, made many appearances on hit shows in the 1980s and early 1990s. He is most famous for his role as Jamie on the 1980s hit sitcom “Small Wonder.” However, a Supiran states a former advisor and a stripper he dated ripped him off, stealing $500,000 of his money. This sent Supiran’s finances into disarray. He tried to find work and was employed as a waiter before the restaurant closed down. In 2012, Supiran ended up homeless. The Judiciary Report has repeatedly warned against dating/marrying promiscuous people and gold diggers. They have bankrupted many people.

 

Gary Coleman

Former child star and actor, the late Gary Coleman, made millions starring on the 1980’s sitcom “Different Strokes” and via related deals. The hit show led to many financial opportunities. However, Coleman’s adoptive parents, as well as a gay Michael Jackson impersonator he began living with, stole his millions. Coleman ended up bankrupt and very bitter. He went from being a top star on television to a security guard in a discount store, where a lady harassed him, resulting in a physical altercation and arrest.

Grace Jones

Legendary model/singer/actress, Grace Jones, ended up bankrupt after her accountant made off with millions of dollars she’d earned in her career. The money was not recovered. Jones began working again, earning more money from various projects. Jones later married a wealthy Englishman and now lives in Britain.

Many entertainers and athletes do not have degrees but there are a few basics that can help keep you on the road to financial freedom and economic stability: 

 

Do not give anyone power of attorney over your finances, as this will grant them the right to spend and move your money around as they see fit. Power of attorney grants them the right to take out small or large, in your name. Power of attorney grants them the right to purchase homes and cars in your name, as well as take out lines of credit and credit cards. 

Be in control of your finances. Sign your own checks to pay bills and to cover other expenses.

Do not give others credit cards/debit cards on your major bank accounts. It is one thing to have a small household account with money in it to pay utility bills, buy groceries, pay the gardener ect. Assigning a debit/bank card on a small account such as this to a parent or spouse to pay household bills is fine (with a limited overdraft). However, the bulk of your money should be in secured, government backed bank accounts that are not accessible to others. 

Buy a house, even a small one, when the financial opportunity presents itself. Buying is better than renting, as that's putting money back into your pocket via home ownership. You can rent a room in the property to someone you know or apply with the local government to add a one bedroom/one bathroom flat/efficiency/in-law quarters in the backyard or onto the home and rent it each month. The rent from a decent flat/efficiency/in-law quarters can pay your mortgage every month over cover 50-70% of it.

Do not overspend. You do not need a million cars and a million pieces of jewelry. You do not need to try to keep up with the Jones or give off a public appearance of great wealth when your bank account reflects otherwise. Live within your means.

Do not overextend yourself. Buying houses, cars and jewelry beyond your financial means and not factoring in additional costs such as real estate taxes, property maintenance and insurance costs can result in foreclosure and property repossession.

Discipline yourself to check the balance on your bank accounts on a regular basis. You can check your balances every few days or weekly. It is your money and financial future. You can take some time out of your day to check what is transpiring with your bank accounts to ensure no identity theft, theft or overpayments have occurred. You'd be surprised how many entertainers and athletes don't know how much money they have and are surprised to find out they are either being robbed, overcharged or taken advantage of.

Go into the bank and talk to them about your finances if there is anything you are unsure of regarding what your accountant and financial advisers are doing in your name.

Learn to save money in government insured savings accounts. You do not have to spend everything you earn every time you get a paycheck. It is inadvisable. Learn to put something aside in a savings account(s).

Put aside money from your paychecks for taxes as well. Speak to a qualified accountant and the government tax collection bureau of your country to find out the tax bracket you fall in regarding the percentage of your income you owe in taxes. Don't hide it from them, as they'll find out anyway. Double check with the government what percent of your income you owe, to verify your accountant is paying the correct amount to the government and not skimming/stealing any of the money, claiming the entire figure went to taxes.

Which brings me to my next point - pay your taxes. World governments will take your possessions and assign penalties in financial fines and interest if you do not remit the money owed. Anyone telling you that you do not have to pay taxes or proposing a tax avoidance scheme to you is sorely misinformed or straight out lying. The government will find out and it will cost you more in financial penalties than you originally owed for trying to dodge paying your taxes in whole or part.   

Avoid risky investments. There are risky financial investments that claim you will become rich overnight, but it is often not so. If it was that easy everyone would do it. Think about that. Do your research before you invest. As the phrase goes, if it sounds too good to be true, it probably is.

Watch out for opportunistic people, both men and women, only after you for your fame and burgeoning bank account. You don't have to be mean to them, just make a mental note of what they are truly like and protect your finances and name, not to mention your heart. Some people have been badly betrayed by people they thought they could trust. At the end of the day, you have to shake it off and move on, realizing some people will tell you (and others) anything you want to hear to get money out of you or use you as a stepping stone to fame and fortune. Learn to be a good judge of character. People who truly care about you won’t want anything from you other than your time.

It's not the best idea to let people know exactly how much money you have to your name. Some, not all people, will become envious and start scheming on ways to get it. Some people will even plan robberies or try to blackmail you. Some women will entrap you with pregnancies in trying to ensure a paycheck until the child is an adult. Others will try to borrow large sums of money and take the position that you funds and they don’t need to repay you when promised or at all. You have nothing to prove to anyone in telling the world exactly how much money you have, as in the past it has proven a risk for many people. 

Try to start a small business. A good business can support you for the rest of your life, beyond your career in entertainment and sports. Do not spend too much money on this endeavor, especially if it will place you in a financially precarious situation regarding your other financial obligations. Do your research. Seek sound legal and business advice. Compare prices for goods and services that are quoted to you, via online searches and asking around.

When signing contracts, make sure you understand what you are signing. Do not sign your financial life away on any document. If you do not understand something that is written in the contract, do not be afraid to ask, even voicing your question in writing to create a paper trail. So if anyone tries anything in the future or tries to claim something other than what you agreed to, you can present the written statements requesting clarification, necessitating the other party to respond in writing and save their answer for future reference. 

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Gary Coleman's Wife Was Not Taking Proper Care Of Him

Gary Coleman and ex-girlfriend/manager, Anna Gray

A tabloid has gained images from inside the home of deceased "Different Strokes" actor Gary Coleman and he was living in filth, while struggling with illness, as his able bodied 24-year-old wife was clearly not taking good care of him.

Coleman's $350,000 house in the U.S. state of Utah, was nice from the outside, but due to neglect, his wife, Shannon Price, allowed the inside of the home to be strewn with blood stains, soiled adult diapers, garbage and dirty laundry.

Shannon Price

Sick people need proper care. Coleman married her, took her on expensive trips, bought her a car and put a roof over her head and food on the table.

The least she could have done, was gotten up off her butt and made sure the blood stains were cleaned up with bleach, a proper pale existed to dispose of his dirty diapers, help him get a daily bath and the house was cleaned on a regular basis. She wasn't working, so what was her excuse.

Gary Coleman's house

If you love someone, you'd take care of them when they are sick. I've seen many people do so for spouses, parents and children.

It's very sad but Price was only in it for the money and Coleman's ties to show business. As such, she does not deserve his multi-million dollar pension, his home, truck, furnishings, cash and rights to his name.

Gary Coleman's Ex-Wife Is Scheming

Gary Coleman and Shannon Price

After disobeying his will, that instructed the plug not be pulled in the event he fell into a coma, Shannon Price, the ex-wife of "Different Strokes" actor, Gary Coleman, is scheming to gain his entire estate, including his body. However, a monkey wrench was thrown into her plans, via a woman named Anna Gray.

Gray is Coleman's former manager and ex-girlfriend. He wrote a will in 2005 basically leaving her everything. Then he married Price and authored a new will, leaving his wife the bulk of the estate. But then they got divorced, which under Utah law, make the will null and void, with all assets now reverting back to Gray's ownership in the event of his death.

Considering Price's avarice, Coleman's complaints about it while he was alive and the manner in which she cleaned out his house, immediately after his death, taking all the furniture, electronics, computers and knickknacks, it is just her will has been invalidated.

STORY SOURCE:

Gary Coleman's Lovers In Court Battle, Ex-Girlfriend To Ask For Restraining Order

Gary Coleman's Death Photos Sold

Shannon Price and Gary Coleman

Death photos of the late former child star and "Different Strokes" actor, Gary Coleman, who died of a brain hemorrhage this month, in the U.S. state of Utah, have been sold to the press, by his money hungry ex-wife, Shannon Price.

This misconduct has caused outrage among many and rightfully so, as it violates his dignity and right to privacy. The Judiciary Report is certain Coleman would not wish to be remembered this way.

RELATED ARTICLE

Actor Gary Coleman Has Died

Actor Gary Coleman Has Died

"Different Strokes" child stars Dana Plato, Gary Coleman and Todd Bridges

Gary Coleman, the actor behind the memorable "Different Strokes" character, "Arnold" has died at age 42, after suffering an intracranial brain hemorrhage.

The brain bleed was similar to that of actress Natasha Richardson, who hit her head and lapsed into a coma an hour later, then died. The same tragedy is thought to have befallen Coleman, who reportedly hit his head after a fall. He died yesterday at noon, after spending several hours in a coma.

Coleman is the second actor from the show "Different Strokes" to die at a relatively young age. His former co-star, Dana Plato, died of an accidental pharmaceutical drug overdose, after battling years of addiction. Two weeks ago, Plato's son, who also became a drug addict and alcohol, in the aftermath of his mother's death, regrettably committed suicide.

Dana Plato's Son Commits Suicide

Dana Plato

On May 6, 2010, Tyler Lambert, the 25-year-old son of the late child star, Dana Plato, committed suicide. On May 8, 1999, his mother died at age 36, of a prescription medication overdose, after years of fame and wealth, deteriorated into narcotics addiction, robbery and criminal charges.

Dana Plato's son Tyler Lambert

Wounded by his mother's death, Lambert, who was a fledgling songwriter and cameraman, sadly took his own life, after dabbling in drugs and alcohol as well. The Judiciary Report would once again like to state, suicide is not the answer and people should get treatment for depression. There is no shame in that.

Different Strokes child stars Dana Plato, Gary Coleman and Todd Bridges

It's a shame more is not done for Hollywood child stars. They are used to make trucks of money in their youth, then discarded like yesterday's newspaper when they become adults. Many find the adjustment very difficult and engage is self-destructive behavior.

Gary Coleman Arrested For Domestic Violence

Gary Coleman

"Different Strokes" actor, Gary Coleman, has joined his fellow child star cast members in being arrested for an unlawful offense. Actress, Dana Plato, was arrested on drug charges and later died of an overdose. Actor, Todd Bridges, was arrested on drug charges in a separate incident, but turned his life around and became a Christian.

Coleman has to decide which road he is going to take, in light of his recent arrest. He previously faced charges for hitting a woman that asked him for an autograph. Some anger management would be helpful as well.

Report: Gary Coleman Arrested on Domestic Assault Charge

Sunday, January 24, 2010 - The 41-year-old actor was arrested Sunday in Santaquin, Utah, and is being held on $1,725 bail, the site says. The identity of the victim has not been released, according to TMZ...

http://www.seattlepi.com