Singer Ne-Yo has apparently taken legal action against former manager and friend Kevin Foster for a total of $8 million, according to NY Daily News.
Papers were filed in Manhattan Federal Court, with Ne-Yo (whose legal name is Shaffer Smith) stating that he met Foster back in 2005, and Kevin convinced him to let the accounting firm that Foster was working for at the time handle his “business management and accounting needs.” Foster's job was to manage the singer’s bank accounts, and "ensure Smith was financially situated as to maintain his accustomed lifestyle for the remainder of his life, protect Smith from financial ruin, and mitigate risk of frivolous spending."
Foster eventually left to start his own company, and Ne-Yo went along with him, letting Foster handle his business affairs and finances. However, Foster was said to have moved some of Ne-Yo’s money without his permission. Ne-Yo eventually hired another accounting firm, and those there reportedly "uncovered instances of Foster engaging in self-dealing and inappropriate conduct," which, according to the suit, included forging Ne-Yo's name on loan documents. Foster also reportedly invested major money from Ne-Yo into a water company that was on the verge of bankruptcy (a company that he was the president and CFO over…but Ne-Yo didn’t know that!). The lawsuit seeks $4.5 million, plus $3.5 million for the fees that Ne-Yo paid Foster over the years.
Not that Ne-Yo is in financial ruin, but that is a LOT of money to have lost due to someone else’s fraudulent behavior. I couldn’t deal with being a celebrity and having somebody else manage all my money. I would have to have meetings every month and keep records of everything on my own as well. There’s not too many people you can trust, especially with your money! Here’s hoping that this is an open-and-shut case for Ne-Yo, and he gets the funds he deserves.
Image via Gabriel Bouys/AFP/Getty Images
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