'Crocodile Dundee' star missing $34 million
Actor Paul Hogan is accusing his former financial adviser of making off with the cash.
Australian regulators have for years accused "Crocodile Dundee" star Paul Hogan of skipping out on millions in taxes. Hogan allegedly hired an adviser to help him hide that money in offshore tax havens.
Now Hogan claims the adviser has run off with $34 million he had stashed in a Swiss bank account. Hogan's lawyer sued the adviser in a California court, but the court rejected the claim in February.
The issue centers around the $34 million that has been parked for nearly 20 years at the Corner Bank in Lausanne, Switzerland. Hogan started getting nervous last year after his adviser, Philip Egglishaw, wouldn't give him any bank statements about the money, The Sydney Morning Herald reports.
Egglishaw had moved money into a new trust he set up for Hogan after authorities began investigating whether Hogan was hiding his "Crocodile Dundee" money in an older trust, The Herald reports.
Hogan's lawyer sued Egglishaw in a California district court, but the case was dismissed in February. A judge said California was too far from Switzerland and the British Virgin Islands company that Egglishaw allegedly used to run Hogan's trust.
So that leaves Hogan now with few options. His once-trusted adviser has fled an international arrest warrant. His $34 million Swiss bank account is gone. His lawyer's lawsuit hit a dead end. He hasn't been in a film in years. On the plus side, he settled his tax evasion case confidentially with Australian officials last year.
At least Hogan has his real estate holdings to fall back on. He and his wife, Linda Kozlowski, are known for buying mansions, giving them stunning makeovers and selling them for a profit, The Courier-Mail reports. See the latest mansion he put on the market here.
- Get ready for Facebook's annoying new ads
If I had 34 mill, I wouldn't worry about where the money was, the guy would be history.
Still don't understand why Made-off is still alive ??
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The company plans to close stores and lay off employees, and says it needs to make some deeper changes.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.