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Business News Legal Management & Funding
Ne-Yo sues former business manager
By Andy Malt | Published on Monday 4 August 2014
Ne-Yo has filed a lawsuit claiming that his former business manager, Kevin Foster, used $4.5 million of the singer’s personal wealth without permission.
According to New York Daily News, Shaffer Smith, aka Ne-Yo, has submitted legal documents claiming that Foster was put in charge of managing the singer’s bank accounts to ensure that the R&B star “was financially situated as to maintain his accustomed lifestyle for the remainder of his life”.
However, after discovering that Foster had moved some money without permission, Smith hired an accounting firm to examine his finances, which “uncovered instances of Foster engaging in self-dealing and inappropriate conduct”. This included forging Smith’s name on a loan application and investing the singer’s money into a water company on the verge of bankruptcy. Foster allegedly failed to divulge that he was President and CFO of this company.
Ne-Yo is now suing for the return of the $4.5 million, as well as a further $3.5 million in fees paid to Foster during his time working for the singer.
In other Ne-Yo news, the singer has just revealed the video for the first single from his sixth album, ‘Non-Fiction’, called ‘Money Can’t Buy’:
