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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

No Avatar
16.

me not you    

Have we learned nothing from Bernie Madoff? Why would you trust ANYONE with your money today?

1592 days ago
17.

Oz    

Hey, whats that white stuff?

1592 days ago
18.

c jones    

this is a case for Charlie and the Angels.
Get them on the phone, Bosley!

1592 days ago
19.

Westside    

Los Angeles area personal-injury lawyers and so-called "financial advisors" have got to be the mother-of-all predators. Their reptile skin flakes everywhere they have walked.

1592 days ago
20.

Dirtbag    

Too bad so sad...

1592 days ago
21.

Scooter    

This isn't the first time she says she was ripped off by a lover.
She was married to Andrew Stevens [son of Stella] a long time ago & claimed he took most of her money.

1592 days ago
22.

backwoods_intellect    

Harvey is kinda cute but you people are worse than the Huffington Post.

1592 days ago
23.

RahRah    

Nice pic, she looks like she has a mouth full of the money shot...

1592 days ago
24.

jukeboy    

Poor baby, couldn't live on 3 million dollars in savings, oh I feel so sorry for her.



People, kill your television!

1592 days ago
25.

Dorinha    

Even if Kate believed that she had $5 million in savings, why invest $2 million worth of these savings into a house? Careless spending. Kate could have bought a beautiful home for a fraction of the cost, minus the glitz and glamor, and still slept on a bed of money every night. She is the architect of her own demise (assuming having only a million + dollars left in your bank constitutes "financial ruin").

1592 days ago
26.

Debbie    

electriczipper -- priceless that you are calling her a dumb b*tch when you think putting money in the bank is going to get that much return in interest. Obviously you don't even have money in the bank -- or investments obviously.

1592 days ago
27.

defogged    

How about someone start a new trend in H'wood - call it, oh, I dont know...living within means??

1592 days ago
28.

Larry    

She didn't have a REALTOR and a lawyer representing her in the real estate transaction?

1592 days ago
29.

pie    

It's time for Kate to start walking down sunset blvd, and surviving on her 6 inches below her belly button. - If you don't feed the Hollywood machine, the machine will eat you. - production comes first, and never stop working like Kate did.

1592 days ago
30.

electriczipper    

26. electriczipper -- priceless that you are calling her a dumb b*tch when you think putting money in the bank is going to get that much return in interest. Obviously you don't even have money in the bank -- or investments obviously.



Posted at 6:10 AM on May 11, 2010 by Debbie



-----------------------------------
hmmm obviously you have no idea what your talking about debbie
Emigrant direct saving bank is offering 4% as of today..Now over 1 year and 1 million dollars it equals $40,714.54 .soooo multiply that by say 3 million dollars and you actually have more than $120,000.00...maybe you would like a little suger on the foot you just stuck into your mouth...better let the man in the family handle your money..

1592 days ago
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