Kate Jackson Says Adviser Ruined Her

     LOS ANGELES (CN) – Kate Jackson, one of “Charlie’s Angels,” claims her business manager led her to “financial ruin” by having her buy a house he knew she couldn’t afford. Jackson sued Richard Francis in Superior Court.

     Jackson says she trusted Francis “more than she had ever trusted any of her prior business managers,” because of his longstanding relationship with her former co-star and close friend, the late Farrah Fawcett.
     In April 2008, Jackson says, she asked Francis to help her decide if she should buy a home in Santa Monica. Francis was in charge of her finances, which he told her came to $5.4 million in liquid assets at the time, according to the complaint.
     Jackson says she actually had only about $3 million, all of it in an IRA account.
     The seller wanted $1 million more than Francis told Jackson she could afford, but he made an offer anyway, Jackson claims. She says she did not know how much Francis offered, or that he had made an offer at all.
     “Without consulting plaintiff, Francis slipped a paper across the table to the seller’s agent making an offer on the Property for $2,011,000” the complaint states.
     Francis knew that withdrawing that amount from Jackson’s IRA account would have wiped her out financially, she says.
     Jackson claims the property had mold and a problem with its septic tank, which she says Francis knew but never mentioned.
     Francis told her that the property would never decline in value because of its location on what he called Santa Monica’s “Golden Strip.”
     Jackson says she “believed he truly cared about her.”
     Jackson seeks an injunction, damages and restitution for negligent misrepresentation, breach of fiduciary duty, negligence and violating the business code.
     She is represented by Michele Reikes.

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