Artist News Legal

Former financial advisor admits to stealing nearly $5 million from Alanis Morissette

By | Published on Thursday 19 January 2017

Alanis Morissette

The former business manager of Alanis Morissette has admitted to embezzling more than $7 million from the singer and other celebrities, which is quite an achievement really.

Jonathan Schwartz took $4.7 million from Morissette herself. She went legal over the matter last year, after she hired a new financial advisor who audited the singer’s accounts and found millions were unaccounted for.

Schwartz provided financial services to Morissette and others via a company called GSO Business Management, which promptly fired him when the embezzlement claims came to light.

Although he originally alleged that the unaccounted monies had been invested on behalf of his clients in an illegal marijuana growing businesses that couldn’t provide the required paperwork, Schwartz eventually admitted to stealing the cash for himself.

He agreed to enter a guilty plea to the resulting criminal charges yesterday, with his lawyers now trying to negotiate a plea deal that could get his jail time down from a possible 23 years to as low as four years. Schwartz’s legal rep argued that – other than the initial marijuana investments lie – her client has cooperated with investigators and accepted responsibility.

Morissette, who sued both GSO and Schwartz last year, has seemingly settled both cases, with the finance firm saying it has repaid all the monies stolen by its former employee.

Meanwhile GSO is also suing its former exec, and its lawyer Chris Reeder yesterday called Schwartz’s actions “shocking and disappointing”, adding: “The company is very happy he’s being brought to justice and held accountable for his actions”.

If you’re wondering what Schwartz did with the $7 million, GSO says he used the cash to fund “a lavish lifestyle”, with things like a $50,000 trip to Bora Bora and some fun times in a Bahamas casino that lost him $75,000.