pop stars missing millions riddle

[tali122]

i watched a programme last year about "missing millions" of pop stars such as t-rex and bay city rollers and what they actually recieved themselves was very little, it transpired that the artists accountants put the money into off shore accounts- where to this day the offshore company nominated is earning royalties that the artists cannot get- rather surprisingly these offshore accounts or the people running them could not be located - how can this be?- this surely cant be right? the accountants must know surely(something the programme did not go into) or there must be a perfectly legal process that would enable the rightful heirs to the royalties and millions access to information about the accounts(again missed by the programme)

[andy-hughes]

This is an industry where millions of pounds are generated by naiive individuals, so it's rife with sharp practice.

As you observe, there are a number of high profile artists who have been royally stitched up bu their associates and accountants. Foe people well-versed in the sophisticated world of high finance, it is perfectly possible to set up an untraceable cat's cradle of off-shore accounts registered to dummy companies, in such a way that although it is possible to know who has got all the money, it is not possible to prove it, or get it back.

The motto always is, get good legal advice before you sign anything in music.

[woofgang]

or in any other aspect of life where you are dealing with resource that you can't afford or don't want to lose!!