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James Franco's ex-managers sued for embezzlement; countersuit filed

James Franco’s recently-fired talent and financial managers have been sued for allegedly bilking the actor and James/Levy Management out of a large sum of money for nearly a decade.

Randy James and Ken Jacobson filed a lawsuit in California Superior Court on Friday, claiming Franco’s ex-managers Miles Levy and Steve Blatt “conspired to, and did by fraudulent means, embezzle significant sums in commissions” beginning in 2006. James and Levy, listed in the court papers as childhood friends, founded James/Levy Management in 1986.

According to the suit, Levy told James that Franco was dropping the amount he paid in commission from 15 percent to 10 percent, and that Levy and Blatt diverted that five percent into a corporation named Down Goes Frazier, Inc., “formed by Miles and Blatt for the sole purpose of facilitating this theft.” Franco isn’t a direct party to the lawsuit. READ FULL STORY

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