15 Costly Celebrity Money Mistakes

1
www.hotnewhiphop.com
www.hotnewhiphop.com

5. Misappropriation of funds

Various stars have been victims of fraudulent Ponzi schemes that are a kind of deceptive investment operation, where a company or an individual pays interests to its depositors from the money that they receive from other new investors, instead of the profits earned by the owner. A former money manager, Kenneth Ira Starr, was convicted of running a Ponzi scheme worth $35 million, with the money of several celebrities, including Neil Simon, Uma Thurman, and Lauren Bacall. In this fraud, Simon lost around $8.7 million. In 2010, rapper Wyclef Jean was caught for supposedly misusing funds from his Yele Haiti charity.