Published On: February 7, 2017

Johnny Depp is accusing his financial advisors of fraud and negligence in a $25 million lawsuit filed in Los Angeles Superior Court last month. His former advisors, Joel and Rob Mandel, brothers with the Management Group, filed a countersuit against the actor. Allegedly, Depp spent more than $2 million per month despite warnings from his advisers that he was living beyond his means, according to the countersuit. He bought 14 homes and a 150 foot luxury yacht and paid over $3 million to fire author Hunter S. Thompson’s ashes out of a cannon. Depp accused the advisors of breach of fiduciary duty and other negligent practices leading to debts over $40 million. According to his lawsuit, the brother took $28 million in contingency fees with no written agreement, loaned $10 million of his money without his consent or knowledge and cost him $6 million by failing to pay his taxes on time. His suit states that the Management Group “engaged in years of gross mismanagement, self-dealing and at times, actual fraud.” The Mandels argue that Depp owes them $560,000 in unpaid fees including a 5% commission for an upcoming film and payments on a company credit card. Depp retained new financial advisors in March of this year.

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