Rock Manager of David Bowie etc. Tony Defries lost USD 22 Mio with Julius Baer
Tony Defries, the rock manager who launched David Bowie and who takes credit for managing, marketing and branding such rock stars as Lou Reed and John Mellencamp as well as being “present at the birth of Madonna [and] the reincarnation of Stevie Wonder,” might be making some headlines of his own soon.
The judges dismissed the claim of Ex-Rocker Defries against Julius Baer: lack of jursdiction! The story ...
Attempting to recoup what he could, Defries filed a civil complaint in federal court in Virginia in 2003, charging Swisspartners, Julius Baer Bank and a collection of other defendants with “securities and insurance fraud.” At that time Defries lived in Berryville, VA, on a large estate in the hunt country. The suit was dismissed for lack of jurisdiction. Attempts to reach him through his lawyer were not successful.
This nicely shows what kind of risk investors take when going offshore or have assets in secrecy jurisdictions (tax havens).