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Scams in the Music Business Come with a Price

Writer's picture: Jerry Ipsen, CFE, MBAJerry Ipsen, CFE, MBA

Brian Clark of Musician Wave tells us that trust is hard to come by in the music business. For example, the American singer Billy Joel was forced to sue his former brother-in-law Frank Weber for $90 million once he realized that he had been repeatedly stealing from him. Joel fell victim to Weber’s clever schemes for years before starting legal action in the late 80s.

 

Reading further along in his article “The Worst Music Industry Scams,” Clark tells us Lou Pearlman, is arguably the “most infamous music scammer of all time.” Taking advantage of the fame of his notorious clients, which included the likes of NSYNC and the Backstreet Boys, Pearlman ran a Ponzi scheme that lured people out of millions of dollars before being convicted to 25 years in jail. While Pearlman’s schemes didn’t affect his clients’ money directly, they blemished their reputation forever.

 

Jerry of Ipsen Due Diligence provides forensic accounting services to artists who have concerns or suspicions regarding the handling of finances within their group or ancillary businesses.




 

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