Can a famous actor become bankrupt by his management team?
Jan Meriss Alfonso Assistant at Ascent Law LLC Can a famous celebrity be driven bankrupt by his management team? Forbes Magazine recently published an article about the ways that bad financial management has caused some stars to lose their fortune and become bankrupt. For example, Mike Tyson's ex-managers were fined $9 Million for mismanaging his finances, and The Rolling Stones guitarist Ronnie Wood lost his fortune due to the expenses of his divorce from his wife Jo. Financial management Tyson and Wood are not the only celebrities whose personal fortunes have been lost because of poor financial management. The list is long with many stars who have lost their fortunes because of dishonest managers and advisors. Finance When Paris Hilton was spotted wearing a Bvlgari ring, the jewelry company's sales soared for over a month. This is an example of how influential a celebrity's taste can be. In the past, celebrities and high-profile individuals have had difficulties with co...