Rise and fall of Matthew Krane

matthewkrane.jpgMatthew 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

More by Kevin Roderick:
Standing up to Harvey Weinstein
The Media
LA Times gets a top editor with nothing but questions
LA Observed Notes: Harvey Weinstein stripped bare
LA Observed Notes: Photos of the homeless, photos that found homes
Recent Hollywood stories on LA Observed:
Standing up to Harvey Weinstein
The Media
LA Observed Notes: Harvey Weinstein stripped bare
Volleying with Rosie Casals
LACMA costumes curator on Queen Victoria as fashion icon
Costume designer Mary Zophres moves on from 'La La Land'
Robert Osborne, 84, host on Turner Classic Movies
Oscars end on a surprise plot twist*


LA Observed on Twitter