The litigious Team Pacquiao is back in the headlines with another high-profile lawsuit.
This time, the 8-division world titlist and current WBO welterweight champ, Manny Pacquiao, has filed a lawsuit against his former accountants, VisionQwest.
The independent accounting firm, which was hired by Pacquiao to review his contracts and money dealings last year, was fired for vague reasons just a few weeks after they began doing their work.
Pacquiao's high-profile attorney, Dan Petrocelli, alleges that VisionQwest, made "numerous errors" on tax returns and gave "substandard accounting and tax advice." He also alleges that the firm is illegally holding on to the fighter's tax records.
VisionQwest had filed a lawsuit against Pacquiao last year for alleged breach of contract, seeking to recover fees that were never paid and an outstanding loan the firm reportedly gave to the fighter.
Shortly after being relieved of their responsibilities, the firm let loose some very provocative information that they had uncovered in the short time they had access to the fighter's financial records.
Among the allegations was that Pacquiao was essentially cash-poor, unable to even pay their fees at the time, and that his entire financial situation was plagued by disorder and very questionable business practices. According to VisionQwest, a "distraught" Pacquiao was made aware of the issues in his organization, but told the firm not to take action until after he received payment for his bout with Juan Manuel Marquez.. VisionQwest also asserted that, Pacquiao's manager, Michael Koncz, is pulling a paycheck from Top Rank-- A terrible conflict of interest. At the same time, the firm stated that the manager is essentially paying himself "ridiculous amounts of money" from Pacquiao's earnings.
Shortly after the accounting firm started putting pressure on Top Rank Promotions to gain access to Pacquiao's contracts and other records, they were mysteriously fired.
If what was said by the independent accounting firm is correct, Pacquiao may be in for a rude awakening down the road when he retires and has to really check into the state of his finances.
Pacquiao counter-suing his former accountants sounds more like the work of his management team. VisionQwest had no stake in lying to him about the state of his finances. Manny simply refused to believe them and is set on staying with his crew while he can still live the lifestyle he enjoys. Time will tell whether he will live to regret that decision.
Paul Magno was a licensed official in the state of Michoacan, Mexico and a close follower of the sport for more than thirty years. His work can also be found on Fox Sports and The Boxing Tribune. In the past, Paul has done work for Inside Fights, The Queensberry Rules and Eastside Boxing.
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