Sly Stone Wins $5 Million in Family Stone Royalties

Sly Stone Wins $5 Million in Family Stone Royalties

Jury finds that the psychedelic funk singer was betrayed by a former manager.

Published January 28, 2015

Legendary funk musician Sly Stone is $5 million richer thanks to an L.A. jury. The ruling went in his favor after it was found that he was double-crossed by former manager Jerry Goldstein, who looted his hefty fortune.

According to TMZ, the entire debacle went down when Goldstein persuaded him to sign over all of his royalties to a company of Goldstein's choice, allegedly stating that it was all for "tax reasons." Reportedly, he guaranteed Sly that he would be secure.

However, both Sly and the jury concluded, upon further inspection, that Goldstein swindled him. Due to the con act, the company was ordered to pay the Sly and the Family Stone frontman $2.5 million. The manager must rake up $2.4 million himself, the lawyer who assisted him in his plan must muster up $50,000.

This decision comes at a fortunate time for Sly as it was reported years ago that he was homeless and living in his van.

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(Photo: Charley Gallay/Getty Images)

Written by Moriba Cummings

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