Considering he's been a music icon for decades, you wouldn't expect Billy Joel to have to
worry about his finances.
But at one point, Joel nearly went broke - and it wasn't because he was spending a fortune
trying to woo an uptown girl.
Keeping track of millions of dollars can't be easy, which is why the rich and famous
hire managers and financial advisors to keep track of their fortune.
The key to financial success as a celebrity is trusting the right people and knowing exactly
where – and who – your money is going to.
But even the most successful entertainers can run into trouble if they trust the wrong
person — and that's exactly what happened to The Piano Man.
In 1989, Joel sued his former manager Frank Weber for $90 million for fraud and breach
of financial duty.
The 83-page suit alleged that among many other things, Weber spent millions of Joel's dollars
"investing" in Webers own businesses, and also doled out $2.5 million in "loans" to
oil and gas tax shelters, horse-breeding farms, real-estate partnerships and other businesses
controlled by Weber.
According to People, Weber's fraudulent activities also included a hotel development where Weber
invested Joel's money and subsequently made Joel liable for potential losses.
Amazingly, that's just the tip of the iceberg when it comes to accusations!
The suit stated that Weber double-billed Joel for his music videos and cheated expenses
such as travel and accounting fees.
It was further alleged that Weber crafted false financial statements which failed to
show the musician's true finances.
And he wasn't done.
Weber had also allegedly mortgaged the artist's copyrights for $15 million without telling
Joel.
Oh, and during all this?
Weber also pocketed up to $20 million in commissions.
So why did Weber sink his claws so deep into Joel?
Family: Weber was once Joel's brother in law, as Weber's sister Elizabeth was both Joel's
wife and manager.
When Joel and Elizabeth divorced so he could get with Christie Brinkley, though, Joel instead
hired her brother as his new manager.
Whoops!!
Billy Joel: The Definitive Biography quotes Joel as saying,
"I hooked up with the Borgias!
What a family to pick."
From the total amount of damages sought in the lawsuit, $30 million was for, quote, "compensatory
damage", which Weber had allegedly taken from the musician.
The leftover $60 million was for "punitive" damages for the years that the manager had
allegedly defrauded the Piano Man.
According to The Los Angeles Times, Joel began a private investigation of Weber in the summer
of 1989, in which his attorneys reviewed his financial statements and even hired an independent
accounting firm to do an investigative audit of Frank Management, Weber's company.
According to People, Weber was promptly fired due to findings from the investigation.
Joel's attorney, Leonard Marks, said the investigation, quote, "revealed major incidents of fraud
and dishonest dealings, virtually from the inception" of their contract.
Oh, and that contract actually gave Weber power of attorney!
Marks said the abuse was among the worst he had seen.
He told People,
"Often a manager will let the power that comes from associating with a megastar go to his
head.
It can lead to all kinds of abuse."
Of course, Weber and his attorneys had a totally different take on things.
His lawyer, Daniel Gecker, insisted that Weber always had Joel's consent.
Gecker told People,
"This whole thing is an effort to avoid paying Frank royalties on the upcoming LP and tour
which are due under the management contract.
The only grounds upon which the contract can be broken are to claim fraud, hence these
accusations."
So what ended up happening?
Joel didn't get the $90 million, or anything close to it.
According to Fox Business, the parties settled out of court; Joel received $8 million, and
Weber declared bankruptcy.
Weber later countersued for $30 million, but the case was dismissed.
"Don't you ever besmirch Billy Joel."
So the next time you see the Piano Man, consider leaving a little something extra in his tip
jar.
He just might need it.
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