Johnny Depp has filed a $25 million lawsuit against his former business management team for allegedly mishandling his money. According to a report from TMZ, Depp is suing TMG for fraud, alleging that they used his assets in order to land $40 million in loans to cover up the mishandling.
In the lawsuit, Depp says TMG began taking out the loans in 2006. The loans went has high as a $22 million loan from City National Bank and used Depp’s properties as collateral. Depp adds that among other allegations, the company also paid a neighbor $3,000 per month to resolve a property dispute from 2007, the total paid out was $320,000.
Michael Kemp, the attorney for TMG, told the site, “Johnny Depp’s outrageously false claim that he didn’t know about $40 million in loans is beyond preposterous. Depp and his sister knew about each and every loan; Depp signed every document and spent all the loan proceeds. Tellingly, Depp is now seeking to prevent all discovery from Tracey Jacobs of UTA and Jake Bloom of Bloom Hergott. Depp knows that these two critical witnesses will fully support TMG’s case and reveal Depp for the extraordinary liar and spendthrift that he is. It is no mystery why Depp is trying so hard to prevent this core discovery.”