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Johnny Depp hits back at claims by TMG that he squandered his money

Johnny Depp is said to be firing back at his former business managers claiming that they’re trying to discredit him with a “smear” campaign. Johnny Depp had sued The Management Group(TMG) for $25 million (approximately 162 crores) in a fraud lawsuit.

Soon after this, TMG filed a cross-complaint  and had claimed that Depp is living an ultra-extravagant life that costs him much more than he can afford.

However, as per the court documents, Depp’s lawyers claim that his former business manager at TMG “snuck self-serving provisions into a bank loan agreement in a scheme to grab millions of dollars in payments for himself and other advisors on Mr. Depp’s film residuals.

Depp’s lawyer is said to have stated the following, “Today we have shown definitively that TMG systematically failed to pay Mr. Depp’s taxes on time for 16 straight years, leading to at least $8.3 million in penalties for Mr. Depp according to the IRS and the law firm that TMG itself hired.


*words from the court document are not spell checked