Rise and fall of Matthew Krane

Matthew Krane was the legal and financial compatriot of Haim Saban for many years, as well as an influential entertainment lawyer. That was then, and this is now per the lead story of this week's Los Angeles Business Journal:

Krane now wears an ankle bracelet under house arrest at his Hollywood Hills home for his role in one of L.A.’s most salacious cases of recent years. He was released last month from a federal holding facility after being held 16 months, during which time his mansion was burglarized several times. He’s awaiting sentencing after pleading guilty for failing to report $36 million in income linked to a tax shelter he steered Saban into, which has been called one of the largest tax fraud cases in American history.

His personal life is no better. Krane is estranged from his ex-wife, and his 11-year-old daughter did not visit him in the federal holding center in downtown Los Angeles.

Reporter Alexa Hyland stopped over for a chat last week. Michael Cieply got into some of the plot twists for the New York Times last May.

Photo: LABJ