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'Charlie's Angels' Star -- I'm in 'Financial Ruin'

5/11/2010 10:00 AM PDT BY TMZ STAFF

Kate Jackson -- one of the original stars of "Charlie's Angels" -- claims she's now in "financial ruin" ... and she's blaming it all on a guy she met through Farrah Fawcett.

The 61-year-old actress has fired off a lawsuit against her financial advisor -- claiming the dude has screwed her out of more than $3,000,000.

According to a lawsuit filed in L.A. County Superior Court, Jackson claims Fawcett's former business manager, Richard B. Francis, knew about Kate's "extremely close relationship" with Farrah and used that information to get Kate as a client. 

In the docs, Jackson claims Francis told her she was worth roughly $5.4 million -- and she could live off of the interest from her accounts ... at least $300,000 per year.

But Jackson claims she was sorely misinformed and discovered she was actually worth considerably less -- only about $3 million. Jackson claims she learned the truth about her finances when she agreed to buy a home in 2008.

According to the docs, Francis pressured Jackson into buying a home for $2,011,000 in an area he called the "Golden Strip" in Santa Monica ... promising the property would never lose value.

Kate claims Francis knew she couldn't afford the home, but he drained her savings account in order to pay for it anyway. Kate also claims Francis knew she was grossly overpaying for the property.

Kate is now suing for more than $3,000,000 -- claiming she has "suffered financial ruin at the hands of the very person she entrusted with her finances."

Francis says he's been in the business for 50 years and has an impeccable record with several celebrity clients.  He added, "This case will end at the deposition stage. It will never go to court."

119 COMMENTS

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1.

Birdsht    

Guess its just too difficult to add up your piles of money yourself. How advanced could your portfolio be that you just believe anything that your told. Cant check your account balances?

1445 days ago
2.

stan    

I met her years ago. She isn't very nice. If she is at the end of her rope then I may I suggest she make a noose.

1445 days ago
3.

ButtCrack    

Too bad so sad...next!

1445 days ago
4.

ButtCrack    

She should have had her eye on her money and not his penis.

1445 days ago
5.

hell's angel    

Boo-hooey...she scammed herself by trusting the idiot in the first place...CHA-CHING!!!

1445 days ago
6.

feebee    

I agree with # 1... how hard is it to check your account balance??

1445 days ago
7.

julyseeme     

All celeb xtapes here
All celeb xtapes here

1445 days ago
8.

momandpopshop    

Er, isn't that your signature on these do***ents, Kate, you POS? End of story.

1445 days ago
9.

becks    

Sounds about a dense at her 'nazi stripper Mcgee' twin. (they kinda look alike haha).

1445 days ago
10.

Al    

And I thought that she was the smart one!

1445 days ago
11.

electriczipper    

why do you need a 2 million dollor home anyways when your old,,,,she can always do grandma porn I guess

1445 days ago
12.

Ms. X    

She's used to not having much. She drove the Pinto.

1445 days ago
13.

your own luck    

You have to take personal responsibility for your finances. She was a slacker with her own finances and this is the result. She is wasting more money suing, she will never win in court.

1445 days ago
14.

beau     

MOST stars who are busy and turn their affairs over to managers etc . get ripped off..Doris Day, model Lauren Hutton, Shirley McClaine, Debbie Reynols many more...Trust NO man

1445 days ago
15.

electriczipper    

Even if she had 3 million..stick it in the bank and that gets you about 120,000 a year..I sure could live on that..dumb bitch

1445 days ago
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | Most Recent | Next 15 Comments

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