Malmsteen Awarded $820,000 Damages

[TTripp]

Malmsteen Awarded $820,000 Damages

Swedish rocker YNGWIE MALMSTEEN has been awarded $820,000 (£566,000) damages by a New York court after he was allegedly defrauded by his former accountant and manager. Malmsteen was forced to sell off his collection of beloved guitars to pay his debts after he was allegedly caught up in a multi-million dollar scam.

The musician filed legal action against his former manager, James Lewis, and his financial adviser, Michael Mitnick, who he claims enabled the alleged embezzlement.

The papers reveal that Malmsteen accused Mitnick of encouraging him to sign a deal which saw all of his income channelled into one bank account, controlled by the pair.

And now a Manhattan court has awarded the star substantial damages in relation to the case involving Mitnick.

The $2.4 million (£1.66 million) lawsuit filed against Lewis is still pending.
Mitnick was previously embroiled in controversy when rapper Lil' Kim blamed him for causing her tax problems during her 2005 perjury trial.

 

[Jakem]

Cool to hear about this court decision. I remember Yngwie commenting this matter a few years ago. Fucking thieves!!!!!!

 

[Traps]

I remember when Yngwie was not fat.

 

[Gino]

I remember when Yngwie was not fat.

Out of the blue. Perfect timing.

 

[Bob Savage]

I remember when Yngwie was not fat.

Out of the blue. Perfect timing.

Yeah, totally unexpected to see a fat joke about Yngwie. OMG!!! LOL!!! BWAHAHAHAH!!!! <burp>

 

[amiller]

It's cool to see the courts saw it his way. Do you think he'll ever actually see the $$?

 

[shredi knight]

....Malmsteen was forced to sell off his collection of beloved guitars.....

Beloved??? Isn't that the big pile of tossed, case-less Stats he has (had) laying on top of each other in his living room?

 

[trey85stang]

i bet malmsteen will be as stingy with his money now as he is with his cheese cake.

 

[Unknownrash]

It's cool to see the courts saw it his way. Do you think he'll ever actually see the $$?

No, but I have a feeling his lawyer will

 

[Atomic Playboy]

Thanks to Yngwie for buying every vintage white Stratocaster from 1968 to 1972 that he came across and people brought to him. Also big box Mk II 50-watt heads as well. I want to know why didn't I find out when he was letting all these treasured guitars go for below market value!!
Yngwie is 'fond' of guitars, but I'm sure he doesn't treasure them. I know he still has at least one of each year, Stratocasters that is.
Good to see him retrieve some money, but for those of us who follow Yngwie somewhat more closely, the clown circus that is his entourage these days, absolutely sucks the life out of his rapidly dying current music.
I am not on a rant against Yngwie, as on the net I am know as an uber Yngwie fan, yet the shenanigans with his management has reached new depths and long time supporters are disappointed.
That Yngwie has been ripped off majorly at least several times is true and his first marriage was a major contribution to some of his financial ruin, ie; selling the 'treasured' guitars.
For Yngwie's fan club members, our 'official' forum was just yanked last year and all the info trashed, with no explanation at all.
That April his wife has managed him to the extent that he has been clean and sober for many years now is excellent and technically his playing has never been better, when he tries, that is.
Yngwie's sloppy playing is miles ahead of anyone else's best playing, so he does nail it when he tries.
For me the new singer is frankly disappointing and the latest album Perpetual Flame has a few good tracks, the mix is terrible, the vocals sound awkwardly punched in, which they were and the keyboards are so low in the mix as to be non-existent. Much was made of Jeff Glixman working on the new record, but it was disappointing to me.
The frustrating thing is that Yngwie still attracts new fans and if his career was 'managed' somewhat more intelligently, he could be riding a whole next level of success.
Much is made of Yngwie's earlier tone, the Alctrazz andLive in '85 Japan sound.
These were landmarks in the early Yngwie sound and always used as a reference later.
Then over the years, a more distorted, compressed tone was favored by him. I don't just credit this to the use of the YJM308 pedal, although stock this now discontinued pedal is harsh and shrill sounding,lacking mids and bass, compared to the grey spec DOD 250's on which it is supposedly based. I have an Analogman Mojo 741 modded YJM308, which has additional component substitution by John (Outlier), which has made all the difference to the pedal I have, it is awesome now, for the early sound. I would have to say even Yngwie himself doesn't notice the change in his sound as much as others do.
So as a devoted grown up fan, not 'fanboy', I went through that phase as well.. But let's see what happens, being in Guitar Hero isn't the pinnacle of success, although more people will hear him and still not be able to play like him.
In closing with all that is going on in the economy and the music industry, yes if it isn't broken, then don't fix it, but it is frustrating to see his talent not being utilized to it's best potential, and with only himself to answer to, it probably won't be any time soon.
yngwie308

 

[dstroud]

I'm happy to hear anytime a musicians gets some $$$$ from a crooked manager - that will buy a lot of cheesburgers - just kidding, I got no room to talk, and Yngwie is one of my favorite guitar players ever - good for him!