Lisa Marie Presley has filed a lawsuit in opposition to her ex-business supervisor alleging that he misplaced her $100 million fortune by making a foul funding. What was that funding? American Idol. In the court docket paperwork, Lisa Marie claims that her former supervisor, Barry Siegel, left her with solely $14,000. She has $500,000 in bank card debt. Elvis’ daughter accused Siegel of “reckless and negligent mismanagement and self-serving ambition.” She filed the lawsuit on February 21. She additionally accuses Siegel of “breach of trust, breach of fiduciary duty, negligence, constructive fraud negligent, negligent misrepresentation, unjust enrichment and accounting.”
Barry Siegel is taken into account to be considerably of a monetary wizard. She claims that Siegel squandered greater than $100 million over 10 years after which gave the cash to the investor Robert F.X. Sillerman to realize favor with him and the celeb circles he runs in. Presley claims that Siegel’s mismanagement of her funds “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
Siegel represented Lisa Marie’s enterprise pursuits for greater than a decade. She is claiming that over the course of 11 years, Siegel drained her internet price by means of “reckless mismanagement and self-serving ambition.”
Lisa Marie claims that Siegel invested in American Idols’ holding firm with Robert F.X. Sillerman. When that funding failed and Presley requested Siegel about how he was managing her cash, she mentioned he put her off and informed her she would by no means perceive it, as a result of it was all too technical for her.
Siegel is anticipated to countersue Elvis’ daughter. Barry Siegel is a principal at Provident Financial Managers. Other well-known purchasers of the agency embrace Rob Thomas and Al Pacino. Siegel was additionally a Trustee of Lisa Marie’s belief.