By Victor Ochieng
Johnny Depp is currently in the midst of a lawsuit against The Management Group, which formerly represented him. The charges the actor is leveling against his former managers are beginning to get uglier and uglier. Celebrity Net Worth reports that the latest allegations being leveled include that his former manager used his assets to obtain $40 million in loans. Legal documents filed by Depp’s attorney say that these loans were used to cover up years of mishandling his money.
At the moment, Depp is suing The Management Group for fraud, saying that the former managers began using his assets as collateral for loans beginning in 2006. The largest of these loans were for $22 million. He also alleges that they were irresponsible with his lease. One example Depp cites is a time that they forgot to end the lease at a hospice home for his mother who was dying. This mistake would end up costing Depp $350,000. In another example he brings up, TMG paid one of his neighbors $3,000 a month starting in April 2007 to resolve a dispute. However, they never took any action to resolve the dispute or even understand the nature of it. He alleges they just kept paying the neighbor, ultimately costing him $320,000.
Depp says that these activities came to light in 2015 when TMG told him that he would have to sell off some of his property in France to cover his bills. At the moment, he is seeking at least $25 million from TMG.
TMG’s attorney issued a statement saying:
“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.”
At the moment, this case is still ongoing, so it remains to be seen which side of this story is correct, or if both sides have a shred of truth to them.