Jonathan Schwartz was handed a stiff prison sentence and was also ordered to pay $8.6 million (R116 million) in restitution, after he pleaded guilty to wire fraud and tax crimes during the trial
The 47-year-old manager – who apologised for his actions and wept at the hearing, which focused on his business dealings between May 2010 and January 2014 – admitted: “I alone am responsible for the devastation. I will spend the rest of my life asking for forgiveness.”
During the case, Schwartz confessed to stealing more than $5 million (R67 million) from the Ironic hitmaker, while he also admitted to thieving an additional $1.7 million (R23 million) from two other unnamed clients.
In a victim statement at the hearing, Alanis urged the judge to impose a harsh punishment on Schwartz, whose firm was reportedly making as much as $1.2 million (R16 million) a year at the height of its success.
She said, according to the Chicago Tribune newspaper: “He did this in a long, systematic, drawn-out and sinister manner.”
Schwartz could have faced more than 20 years in federal prison for his crimes, but Judge Dolly Gee ultimately determined that a sentencing guideline of around five to six years was more appropriate.
Previously, it was reported that Schwartz – who is due to report for his prison sentence on July 11 – was listing his illegal withdrawals as “sundry/personal expenses”
But his wrongdoing came to light when Alanis hired a new money manager, who discovered that Schwartz was scamming the alternative rock singer.
When he was first questioned by prosecutors about his financial mismanagement, he claimed to have invested the money in a marijuana-growing business.
More recently, Schwartz claimed his actions were motivated by his addiction to gambling, but prosecutors said he used the money to fund his own extravagant lifestyle.
Author: BANG Showbiz