WYCLEF JEAN’S ACCOUNTANT SAYS HE’S FLAT BROKE

Keri Hilson and Wyclef Jean perform onstage 2
Wyclef Jean has always been known as one of the heavyweights in the music industry. But according to his accountant, he may end up as one of the heavyweights in bankruptcy court. According to The Smoking Gun, Jean owes the federal government $2.9 million in back taxes.
The Smoking Gun claims that Jean had agreed to give $100,000 to the law firm of Shukat Arrow Hafer Weber and Herbsman to satisfy a debt of $133,000. In fact, the firm even told Jean that if he could make payments totaling $60,000, the firm would cut his debt by another $40,000. Unfortunately, he reportedly never made those initial payments.

In fact, The Smoking Gun says that Jean didn’t even pay a penny of the $100,000 that he owed the firm. In fact, David Levin, Jean’s accountant, sent an email in January to one of Wyclef’s creditors with these words: “in my most professional verbiage…there ain’t no money.”
Financial Juneteenth lessons from this story:
1) No matter how much money you earn, it can always come to an end. A decade ago, the Internet was splattered with signs of Jean’s financial extravagance. He even played a role in discovering the amazing group, “Destiny’s Child.” But it takes nothing more than a few tax problems and a couple of bad investments to make everything go south.
2) It’s difficult for anyone to get rich or stay rich in the entertainment industry. Most black entertainers either are broke or go broke eventually, it’s just a fact. If you enter the entertainment industry, save your money and learn the business models that make everything go. The industry is oversaturated and opportunities may never last as long as you might expect.

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