Jake Paul has learned the hard way not to blindly trust members of his team with his finances.
The famed content creator turned boxer has revealed that during his rise to fame and fortune, unscrupulous members of his inner circle swindled “roughly $3 million” from his personal coffers.
In an interview with Graham Bensinger, Paul explained that the lost funds were an accumulation of the many dubious expenses he was hoodwinked into paying early in his career. And the 25-year-old humbly admitted that not keeping close tabs on his finances was the “stupidest” move he could make.
“When you are young and you start to make millions of dollars really fast, you have people on your team who take advantage of you,” said Paul. “They’re redirecting some money here, they’re overcharging you for hours, they’re making you buy insurance policies that they get a percentage on, you know, little things like that, and I really never looked at my expenses, which was the stupidest thing I ever did.”
Jake says that prior to sniffing out his associates’ unscrupulous dealings, he was hemorrhaging so much money that he was only just breaking even.
“At one point my expenses were like a million dollars a month…and I didn’t even know it…and I was like ‘OK cool, I’m making $2 million dollars a month.’ But after taxes and blah blah blah, you’re down to zero dollars…so it’s like ‘oh my god, what’s going on here?’” said Paul.
Jake Paul Explains How He Discovered The Missing Millions
Paul said that he eventually became wise to his out-of-control expenses after waking up one day and seeing his house filled with his business associates. Looking around at each of them, “The Problem Child” soon realized that he had no idea what they actually did for him.
“I was like looking around my house, and there was like 15 employees and I was like ‘what are all these people doing? Like, what’s going on? Why am I paying all these people?’” said Paul.
This revelation led Jake to “literally question everything,” and soon, the social media upstart called in the experts to get to the bottom of his skyrocketing expenses.
“I got my trusted advisor to come in and look at everything, along with my dad, and they uncovered millions and millions of dollars that were lost and disappeared in different accounts…and it was almost a year and a half of dealing with all the crazy sh*t,” said Paul.
What do you think of Jake Paul being swindled out of $3 million by his inner circle?