Joel ended up receiving about ten percent of that via a settlement. Almost three decades ago, Billy Joel sued his former manager, Frank Weber, for a whopping $90 million, charging him with fraud, breach of contract, breach of fiduciary duty and federal racketeering statute violations. Morissette regrettably isn’t the first entertainer to claim to be swindled by a trusted advisor. It goes without saying that all three elements were present in this case.

Under Penal Code 503, to be convicted of embezzlement, there must be an established element of trust, an element of fraud, and an element of intent to deprive the owner of use of his/her stolen property or money. His last-ditch attempt to avoid detection is almost understandable, given the stiff penalties faced by convicted embezzlers, especially in the State of California. Schwartz tried to cover up his crime by claiming he used the money to invest in an illegal marijuana growing business. While arguably not quite as ironic as rain on a wedding day, it’s certainly an audacious amount of money to embezzle from someone whose money you’ve been entrusted to manage.

The management firm quickly settled with Morrisette Schwartz was arrested. Back in May 2016, Morissette sued Schwartz and his then-employer GSO Business Management for breach of fiduciary duty, conversion, fraud and negligence.

As part of the plea bargain process in federal court, Schwartz also admitted to committing wire fraud and filing false tax returns from 2010-2014, and to forging Morissette’s signature and misrepresented his withdrawals from her accounts as Morissette’s “sundry/personal expenses” while reportedly using the money to support a lavish lifestyle. The latest chapter in the long-running saga of Hollywood business managers allegedly stealing from celebrity clients raised eyebrows again last week when “Jagged Little Pill” crooner Alanis Morissette’s former business manager, Jonathan Todd Schwartz, reportedly admitted to defrauding Morissette and stealing $4.8 million dollars from her over several years, in addition to $1.7 million from other celebrity clients. Singer Alanis Morissette performs music of her album 'Havoc and bright lights', in Rio de Janeiro.

Money ex manager