Many people look up to their favorite celebrities for inspiration, hope, and direction. However, celebrities are human and like us ordinary people, are vulnerable one way or another. Celebrities are not at stupid, at least not all of them. But sometimes, they can be too trusting and that often opens a window of opportunity for people they trust to take their hard earned money. To err is human, and celebrities, no matter how bright or popular they are, are clearly not exempted.
#10 Cindy Crawford and Rande Gerber – lost $100,000
A male model by the name of Edis Kayalar attempted to suck some $100,000 from Cindy Crawford and her husband Rande Gerber. Kayalar showed the couple a photo of their daughter tied up. It was soon revealed that the photo was taken by the daughter’s nanny, who was dating Kayalar. The model was soon extradited to the US on extortion charges.
#9 Liv Tyler – lost $214,000
Unlike most celebrities on this list, beautiful Liv Tyler did not get conned by her manager or financial advisor. Rather, it was her dermatologist Mari Gabriela Hashemipour. Hashemipour is a known skin expert who has worked with other big names like Cher and Jennifer Anniston. But Miss Hashemipour was not only interested in taking care of her clients’ skin – she was also keen on their credit card details. Tyler’s managers soon noticed that their client was getting charged for things the actress did not purchase. It turned out that Hashemipour was doing all the shopping.
#8 Ben Stiller – lost $250,000
The comedian asked a financial advisor Dana Giachetto to take care of his money. However, Giachetto had other things in mind and pocketed Stiller’s $250,000, along with $10 million from the rest of his clients. Giachetto was sentenced to three years in prison, a light sentence considering the amount he took from those who trusted Giachetto with their money.
#7 Kiefer Sutherland – lost $869,000
The 24 Hours star looks like a badass anti-terrorist cop who only needs a day to save the world. But that did not stop Michael Wayne Carr to lift $869,000 from Sutherland, who he convinced to invest in selling steers. It turns out that Carr was never really into the steers business and is now facing several charges of felony.
#6 Uma Thurman – lost $1 million
The star of the Kill Bill saga may seem to be a badass babe with a katana on screen and looks like one you would not want to be messing with, but Uma Thurman got duped big time. The actress lost $1 million and the culprit was revealed to be her financial planner Kenneth Starr. But Miss Thurman is not the only one Starr handled and took advantage of. The tricky financial planner did the same to most of his clients and the total amount he took from his clients amounted to $33 million. For his illegal financial activities, Starr was convicted and sentenced to 90 months in prison.
#5 Sting – lost $9.8 million
Music icon Sting is too damn rich becasue he did not notice that Keith Moore, his financial advisor for 15 years, was stealing from him. Sting hired Moore to handle his portfolio but Moore carefully took the money out from Sting’s 100 accounts and invested them on various deals as well as satisfied his other financial cravings. People are really wondering how Sting was not able to detect the theft.
#4 Elton John – lost $29 million
Many people know that Sir Elton John is a big spender but it is a shock that he lost $29 million due to mismanagement. John sued his management agency, Andrew Hadyon and Pricewaterhouse Coopers, in order to retrieve the money, but lack of evidence soon led to the dismissal of the case. To add salt to the wound, John had to pay $10 million in legal fees.
#3 Robert de Niro – lost $88 million
Robert de Niro exudes that tough guy persona, both on screen and in personal life. So it is quite a surprise that somebody actually got the balls to con this guy. An art enthusiast who has an extensive painting collection done by his father, De Niro decided to sell all 50 artworks, with art gallery owner, Lawrence Salander as the middleman. The paintings turned a huge profit but Salander did not gave De Niro the money. Instead, he used the funds to pay off his own debts.
#2 Billy Joel – lost $90 million
Music legend Billy Joel may have his own share financial misfortunes, but losing $90 million by trusting his ex brother in law is just cruel. Joel worked with Frank Weber, who acted as his manager at one time and easily siphoned $90 million from Joel. The money was used to fund several investments that made Weber wealthy but were not in Joel’s best interests. The musician filed a series of lawsuits against Weber but only got $8 million back.
#1 Kyra Sedgwick and Kevin Bacon – Lost A lot!
Celebrity couples Kevin Bacon and Kyra Sedgewick are known to be silent about their relationship. But things took a turn for the worse when they became victims of the Bernie Madoff Ponzi scheme. It looks like they lost a huge amount of money as both actors really worked hard to get their money back.
How do celebrities protect their finances after falling victim to fraud?
After experiencing financial loss due to fraud, many celebrities take proactive steps to protect their finances and prevent future exploitation. Here are some common strategies used:
- Hiring Trusted Financial Advisors: Celebrities often work with reputable financial advisors who are well-vetted, certified, and have proven track records in managing wealth responsibly. Conducting background checks and obtaining multiple references are now standard procedures.
- Diversifying Investment Portfolios: Instead of placing all their financial trust in a single advisor or investment, celebrities diversify their investments across multiple channels, such as real estate, stocks, bonds, and business ventures. This reduces the risk of significant losses.
- Implementing Regular Audits: Regular financial audits by third-party professionals can help detect unusual transactions or discrepancies in financial records, ensuring transparency and accountability.
- Setting Up Legal Protections: Celebrities often work with legal teams to establish tighter contracts with their managers, advisors, and business partners. These contracts may include clauses for regular financial reporting and accountability measures.
- Using Financial Management Software: Many celebrities utilize advanced financial management software to monitor their accounts in real time, enabling them to detect unusual activity early and address potential issues immediately.
Key Insights
- Cindy Crawford and Rande Gerber: Lost $100,000 due to an extortion attempt by male model Edis Kayalar, who used a photo of their daughter taken by her nanny to try and extract money from the couple.
- Liv Tyler: Lost $214,000 when her dermatologist, Mari Gabriela Hashemipour, fraudulently used Tyler’s credit card details for personal purchases.
- Ben Stiller: Lost $250,000 after trusting financial advisor Dana Giachetto, who embezzled money from Stiller and other clients, resulting in a three-year prison sentence for Giachetto.
- Kiefer Sutherland: Lost $869,000 after being conned by Michael Wayne Carr into investing in a fake steer-selling business.
- Uma Thurman: Lost $1 million due to her financial planner Kenneth Starr, who stole a total of $33 million from multiple clients. Starr was sentenced to 90 months in prison.
- Sting: Lost $9.8 million over 15 years as his financial advisor Keith Moore gradually stole from his numerous accounts without detection.
- Elton John: Lost $29 million due to mismanagement by his management agency, Andrew Hadyon and Pricewaterhouse Coopers, and had to pay $10 million in legal fees after a failed lawsuit.
- Robert De Niro: Lost $88 million when art gallery owner Lawrence Salander failed to pay him for the sale of 50 artworks, using the money to cover his own debts instead.
- Billy Joel: Lost $90 million after his ex-brother-in-law and manager Frank Weber siphoned money from Joel’s investments. Joel recovered only $8 million through lawsuits.
- Kyra Sedgwick and Kevin Bacon: Lost a significant amount of money in the Bernie Madoff Ponzi scheme, though the exact figure is not specified.
FAQ
- How did Cindy Crawford and Rande Gerber become victims of extortion? Cindy Crawford and Rande Gerber were targeted by Edis Kayalar, who used a photo of their daughter tied up to extort $100,000 from them. The photo was taken by their daughter’s nanny, who was dating Kayalar.
- How was Liv Tyler defrauded by her dermatologist? Liv Tyler’s dermatologist, Mari Gabriela Hashemipour, used Tyler’s credit card details to make unauthorized purchases, amounting to a loss of $214,000.
- What did Ben Stiller’s financial advisor do with the embezzled money? Financial advisor Dana Giachetto embezzled $250,000 from Ben Stiller and $10 million from other clients, leading to a three-year prison sentence for Giachetto.
- How did Kiefer Sutherland lose $869,000? Kiefer Sutherland lost $869,000 after being deceived by Michael Wayne Carr into investing in a non-existent steer-selling business.
- What was Kenneth Starr’s role in Uma Thurman’s financial loss? Kenneth Starr, Uma Thurman’s financial planner, stole $1 million from her as part of a larger scheme where he embezzled $33 million from various clients. Starr was sentenced to 90 months in prison.
- How did Sting’s financial advisor manage to steal from him for 15 years? Sting’s financial advisor, Keith Moore, managed to steal $9.8 million by carefully siphoning money from Sting’s numerous accounts over a period of 15 years without being detected.
- Why did Elton John lose $29 million, and what were the legal outcomes? Elton John lost $29 million due to mismanagement by his management agency. He sued them but lacked sufficient evidence, resulting in the dismissal of the case and an additional $10 million in legal fees.
- How was Robert De Niro defrauded by an art gallery owner? Robert De Niro was defrauded by Lawrence Salander, an art gallery owner, who did not pay De Niro for the sale of 50 artworks. Instead, Salander used the money to pay off his own debts.
- What was the nature of Billy Joel’s financial loss involving his ex-brother-in-law? Billy Joel’s ex-brother-in-law, Frank Weber, siphoned $90 million from Joel by mismanaging his investments. Joel recovered only $8 million through a series of lawsuits.
- How were Kyra Sedgwick and Kevin Bacon affected by the Bernie Madoff Ponzi scheme? Kyra Sedgwick and Kevin Bacon lost a substantial amount of money in the Bernie Madoff Ponzi scheme, though the exact amount is not specified.
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I have been scammed involving Charlie Hunnam. And have some reason to believe that Facebook and Charlie Hunnam were at least aware of what was going on if not directly involved themselves. This elaborate scam also included Cash app who I have since discovered has been investigated for practices that are less than ethical. They do nothing to verify whom an account that is created belongs to. And they even had prior employees operate as whistle blowers but yet they are still allowed to continue operating a scandalous online business. The lack of monitoring and just plain could give a shit less and possibly involved themselves individuals is not acceptable. And yet no one does anything about it. We have all these institutions being paid by our tax dollars salaries that are off the charts along with kick backs to look the other way is and has ruined this country.
Who say only poor and slow-minded people get scammed? IMHO it's not your educational or social status that make you susceptible to a scam. In many cases, it's simply greed that compels someone with money to go for it in the hope of getting more money. That's why cons will never run out of prospects in our greedy society.
Some of these cases are outright scams, but celebrities suing their financial advisers for losing money (poor investment decision, tax issues, etc.)should not count as scam. There's always a risk in investment consulting so they just have to accept when things don't go their way.
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