Kiyosaki Files for Chapter 7 Bankruptcy

Jill Krasny, AOL Daily Finance

Robert Kiyosaki, author of the bestselling “Rich Dad, Poor Dad” series, has filed for Chapter 7 bankruptcy protection after losing a nearly $24 million court judgment to The Learning Annex,The New York Post reports.

As one of Kiyosaki’s earliest backers, The Learning Annex was responsible for arranging the speaking engagements and platform that led to his massive success.

But apparently the fame went to his head because according to court papers obtained by the Post, Kiyosaki, who published his first “Rich Dad” book in 1994, never paid the Annex its rightful share. Said founder and chairman Bill Zanker: “Oprah believed in him, and Will Smith believed in him, but he didn’t keep his promise to us.”

Kiyosaki’s Rich Global company was ordered by a U.S. judge in April to cough up $23,687,957.21, which in turn led him to file for corporate bankruptcy on Aug. 20.

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