Douglases sue biz managers

Erstwhile talkshow host Mike Douglas and his wife have sued their former business managers for a series of alleged conflicts of interest in managing their money.

Douglas said in a complaint filed in U. S. District Court in Los Angeles that he and his wife had lost more than $ 5 million due to self-dealing by advisers Vincent and Robert Andrews, their managers from 1969 through 1982.

Among other things, the complaint charged that the Andrewses put their clients’ money into investments in which they had a personal financial interest, including limited partnerships managed by the Andrewses, investments that generated commissions for the Andrewses, and lease transactions that benefited the managers.

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