According to the New York Times, he allegedly secured the borrowed funds from Britney’s former manager Lou Taylor‘s firm, Tri Star Sports & Entertainment Group.
Reports indicated Jamie took out the loans while the pop star was hospitalized on an involuntary psychiatric hold.
Upon receiving the money from the management company, he filed a petition on a California court to take control over the singer’s estate and personal affairs.
A judge approved his request for the conservatorship immediately after he convinced the court that his daughter was incapable of looking after herself due to her struggle with mental health issues.
The following year, Jamie hired Tri-Star — the company that loaned him the money — to manage Britney’s estate.
Although it is unclear how the loan money was used, Jamie’s actions raised some concerns on the motive behind the conservatorship.
National Guardianship Association president Anthony Palmieri brought up a point while speaking to the Times.
“It makes me wonder where the allegiance lies,” Anthony said. “Is the conservator making decisions in the best interest of the conservatee or the business manager who they owe a debt to?” before noting the move “reeks of conflict of interest.”
Lou’s lawyer,Charles Harder, responded to the news in a statement claiming Jamie eventually “repaid” the “small loan” before addressing the transaction “had no affect on Tri Star’s work for the estate in later years.”
The outlet reported Jamie earned an estimated $6 million from the 13-year guardianship while the management company received 5 percent of Britney’s “adjusted gross entertainment revenue.”
Jamie and Lou have also been called into question by Britney’s lawyer,Mathew Rosengart, regarding the singer’s current net worth, which is only $60 million despite receiving large payments for her music, concerts, and TV appearances.
Mathew claimed Jamie “did not appear” for two schedule depositions but added, “It should not be necessary, but if he continues to evade his deposition, we will file a motion to compel.”
Earlier this month, Jamie filed a formal complaint with the Los Angeles Superior Court, accusing his daughter of trying to destroy his reputation following his termination from her conservatorship.
He claimed Britney and her crew released “statements with no other purpose than to attack” him and attempted to paint him as a “disgraced, suspended conservator.”