Al Pacino Reveals $50 Million Loss in a Ponzi Scheme: Other Celebs Lost It All and Bounced Back

In his new memoir “Sonny Boy,” Al Pacino revealed that he starred in the 2011 comedy “Jack and Jill” solely because he was broke.

His financial troubles began when a shady accountant lost all his money in a Ponzi scheme, reducing Pacino’s $50 million savings to zero. The “Scarface” star realized the severity of the situation after returning from an expensive family trip and discovering the mismanagement of his funds. Despite owning property, he had no liquid money left.

Pacino explained that after agents, lawyers, and taxes, the actual take-home from a $10 million paycheck was much less, around $4.5 million, and living lavishly led to losing the money. In his 70s at the time, he could no longer rely on high-paying Hollywood roles and had to take whatever job he could get. This led him to accept roles in films like “Jack and Jill” and even TV commercials, a drastic shift from his earlier career choices.

Pacino portrayed himself in the film as a high-profile client trying to land a Dunkin Donuts gig, with advertisement executive Jack (Sandler) tasked with making it happen. Pacino acknowledged that while he initially took the part for financial reasons, he enjoyed working with Sandler.

“Adam Sandler wanted me, and they paid me a lot for it. So I went out and did it, and it helped. I love Adam, he was wonderful to work with and has become a dear friend,” Pacino wrote.

While this is a devastating tale, other celebrities have been open about losing their riches. Singer Toni Braxton famously filed for bankruptcy twice, once in 1998 and again in 2010. She has cited overspending in the first filing and music disputes in the second.

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Mary J. Blige revealed that she was in a bad financial situation after the IRS put a $2.4 million tax lien against her in 2013. The R&B star went completely broke in the aftermath of her 2018 divorce from Kendu Isaacs. She was ordered to pay him $30,000 monthly in spousal support. Furthermore, she claimed that during their marriage, he spent over $400,000 on “travel charges” to see a mistress.

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Actor Wesley Snipes was sentenced to three years in prison and a $5 million fine after failing to pay $15 million in taxes. He was jailed in December 2010 and released in 2013.  In 2018, he was once again accused of owing over $20 million to the IRS, though it appears they were able to work out a deal to keep him out of jail a second time.

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Lindsay Lohan has admitted to mismanaging her funds while still a young actor. In 2012, the IRS seized her bank accounts to recover $233,000 she reportedly owed in back taxes.

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These celebrities, like Pacino, have been open about their financial difficulties. Thankfully, each has been able to dig their way out of debt once and for all.