In papers filed in Manhattan Federal Court, Ne-Yo said the erstwhile manager swindled him out of $4.5 million. The money was sunk into a floundering water company, a get-rich-quick scheme. The two were first introduced to each other way back in 2005. Shortly afterward, Foster convinced the singer to let the accounting company he was then working for "handle all of Smith's business management and accounting needs."
It was Foster's job to manage the star's bank accounts and ensure that ne-Yo was financially situated as to maintain his accustomed lifestyle for the remainder of his life.
The two guys eventually developed a personal relationship, with Ne-Yo placing complete trust in Foster's handling of his finances and affairs. The singer however later discovered that his faith in Foster was misplaced. Ne-Yo discovered that Foster had been spending some of his money without the singer’s permission. The singer finally decided to hire a different accounting firm which uncovered instances of Foster engaging in self-dealing and inappropriate conduct that included forging Ne-Yo's name on loan documents.
From sports celebrities to those in the entertainment industry, a simple lack of education is their bane. At the height of their fame, some of them even entrusted their money in the hands of mere hangers-on. And this is not talking about “newly-arrived” celebrities that live above their means.
My question is when will those celebrities begin to emulate Oprah Winfrey who insists on signing all checks going out of her account? But, come to think of it, Oprah is a college-educated celebrity. Education will always make a huge difference in a person’s life. It’s the utmost foundation for a life of success. #Nothingbeatseducation
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