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Stan Lee sues ex-business manager for fraud

Press Trust of India  |  Los Angeles 

Comic legend Lee has filed a case against his former for business

The 92-year-old former of Marvel has sued Olivarez after an in-depth investigative piece by The about an alleged elder abuse and a sour feud over his estate came to light.

As per the complaint, filed yesterday by his in LA County Superior Court, Lee alleges Olivarez is one of many "unscrupulous businessmen, sycophants and opportunists" who are seeking to take advantage of him after his wife, Joan Lee's death in July last year.

Freund writes in the complaint, "While Lee was in great distress over this severe loss, Olivarez... Fired his of 26 years. They also fired his lawyers of many years and caused approximately USD 4.6 million dollars to be transferred out of Lee's Merrill Lynch Account without Lee's authorisation."

The former manager, who was introduced to Lee by his daughter JC, then convinced the veteran to hand over the power of to him, as per the complaint.

Olivarez also allegedly tricked Lee into loaning USD 300,000 to a fake non-profit organisation dedicated to racial peace, bought a USD 850,000 condo in West Hollywood without his approval, siphoned out almost USD 1.4 million from Lee's accounts through a series of wire transfers and used his position as a fiduciary to modify Lee's will.

He is being sued on the charges of conversion, fraud, financial abuse of an elder and misappropriation of his name.

Olivarez is yet to respond to a request for comment on the complaint.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, April 14 2018. 19:30 IST