What Do Alyssa Milano & Johnny Depp Have In Common? Lawsuits Against Their Financial Managers

Actress Alyssa Milano, best known for her roles in the TV shows Who’s the Boss and Charmed, has reportedly become the latest casualty of the Hollywood financial ruin club. Earlier this year, Johnny Depp made headlines for filing a $25 million lawsuit against The Management Group for allegedly mishandling his finances. Now, Alyssa Milano is making similar claims against Hellie, Hoffer & Co. and firm owner Kenneth Hellie.

Who’s the Boss, Indeed? What Happened to Alyssa Milano’s Money?

Before this lawsuit was filed, Alyssa Milano’s net worth was estimated at $45 million. If Milano’s allegations of severe misconduct are true, though, the 44-year-old actress now has a significantly smaller bank account than expected.

It’s common practice for celebrities and other wealthy individuals to turn to an established firm to manage their financial affairs. Unfortunately, this does leave people more vulnerable to financial fraud. According to Alyssa’s Milano’s $10 million lawsuit, this is exactly what happened.

Court papers show that Milano alleges Hellie, Hoffer & Co. forged her name on checks, didn’t pay taxes and bills in a timely manner and illegally convinced her to make bad investments without disclosing that Kenneth Hellie had a conflict of interest. As a result, Alyssa Milano claims she’s stuck with a $2 million real estate loss and $376,950 in building code violation fines, along with penalties and interest for unpaid 2013 and 2014 income taxes.

Additionally, Milano’s lawsuit says that $350,000 of her money was invested in a parking lot venture without her knowledge or consent. Kenneth Hellie is an investor in the same parking lot, which, if Milano’s allegations are true, is another conflict of interest violation. Alyssa Milano has also accused Hellie of forging her signature on a check in his name worth $26,000. As a result, the actress and her husband, David Bugliari, inadvertently overdrew their bank account.

Did Alyssa Milano and Johnny Depp Overspend Themselves into Financial Ruin?

When Johnny Depp’s lawsuit was announced, his former management team was quick to publicly defend themselves. Not only did The Management Group deny Depp’s allegations but they filed a $560,000 countersuit. Since that time, many stories about Johnny Depp’s lavish lifestyle have circulated in the media, including the stunning claim that the Pirates of the Caribbean actor spends an average of $2 million a month.

Kenneth Hellie’s response to the Alyssa Milano lawsuit makes it clear that his firm plans to use the same defense.

“I’d like to say something. Obviously, a lot of it’s like the Johnny Depp situation. I can’t say anything just yet.”

Alyssa Milano’s attorney, Ellyn Garofalo, told the media, “we anticipated this defense.” She went on to state, “Nothing could be further from reality. Alyssa and David live a relatively modest lifestyle centered on their family.”

What Happens Next?

Both of these lawsuits and the Johnny Depp countersuit are still pending. Depp’s case had an interesting new wrinkle earlier today when his former management team leaked an email that showcased them telling the actor to “take it easy” with his spending. As a result, Depp asked if he could fix the problem by selling some of his belongings.

What we do know for certain is that Alyssa Milano and Johnny Depp are far from the first celebrities to end up facing serious financial woes later in their career. By the time these lawsuits make their way through the legal system, the public is virtually certain to get a much more in-depth look at the life and finances of Depp and Alyssa Milano.

[Featured Images by Rich Polk and Leon Bennett/Getty Images]