Shalom Life | April 22, 2014

James Franco’s Ex-Manager Sued for Embezzling Money From the Actor

James Levy is being sued by his former partners at James Levy Management

By: Sarah Bauder

Published: April 18th, 2014 in Culture » Society » News

James Franco’s Ex-Manager Sued for Embezzling Money From the Actor

James Franco’s ex-manager, Miles Levy, is being sued for skimming money from the actor’s actor's management commissions, unbeknownst to his business partners. According to the lawsuit that was filed on Friday in Los Angeles Superior Court, Levy and one Randy James formed James Levy Management in 1986, which Franco was a client for nearly twenty-years. Evidently in May 2006, Levy informed his partners (including Kenneth Jacobson) that Franco no longer wanted to pay the 15 percent, and would only pay 10 percent, which the firm agreed to. However, Levy continued to charge Franco 15 percent, whilst diverting the remaining 5 percent into his own pockets. To make matters worse, according to the suit, the manager was assisted by co-defendant Steven Blatt, at the prominent financial management firm, Tanner Mainstain.

“Blatt and Tanner Mainstain... knew full well at this point that James and Jacobson thought that Franco only paid 10 percent commission when in fact he continued to pay 15 percent commission, with the Company only receiving 10 percent and the other 5 percent being improperly diverted to Levy,” the lawsuit states.

“"Levy sought to leverage his position as Franco's personal manager into roles for himself as producer, and to procure ownership interest in Franco's production companies, all without informing James or the Company. Further, Levy made credit card charges without Franco's knowledge for substantial sums for personal, as opposed to business, matters on a card provided for him by Franco,” the lawsuit continues.

However, according to the lawsuit Franco became privy to Levy’s impropriety, and in December 2013, he and his erstwhile manager came to a “confidential settlement with each other”. According to the lawsuit, Levy’s "overreaching", caused Franco to end his relationship with James Levy Management.

Franco, himself, is not a part of the aforementioned lawsuit.

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