LOS ANGELES (CelebrityAccess) — Former pop diva Cher has sued her former financial advisers, claiming they defrauded her of $800,000 with bad investments.
The suit, filed this week in Los Angeles on behalf of Veritas Trust, of which the singer is the sole trustee, targets Sail Venture Partners and related firms, accusing them of including Cher's money in "risky and unsound" investments.
The suit also alleges that Sail Ventures principles engaged in “malicious and fraudulent” behavior. Cher, through the suit, is seeking both financial restitution for her losses and punitive damages of unspecified amounts, according to The Guardian.
“Defendants routinely leveraged their insider positions with the portfolio companies to placate limited partners with news of supposed ‘exit strategies,’ impending ‘initial public offerings,’ and the potential for ‘enormous’ profits. Unbeknown to Veritas, Defendants secured its capital and that of several other limited partners under duress at the 11th hour … these bizarre and improper management tactics were a harbinger of worse to come,” the complaint said.
Sail's current portfolio includes investments in power storage and distribution, and water purification companies. Its partners include Walter L. Schindler, F. Henry Habicht II and Michael J. Hammons. – Staff Writers