Cher sues financial managers claiming they defrauded her out of more than $1 million

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Cher put $1.3m into SAIL Venture Partners in 2006, was promised profits
But the management firm's 10 portfolio companies tanked, lost everything
Now the singer has filed a lawsuit, accuses firm of 'malicious' behavior

Published: 16:58 EST, 8 June 2016 | Updated: 12:56 EST, 9 June 2016

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Cher has sued a financial management firm which she claims defrauded her out of more than $1 million in failed investments.

The 70-year-old singer claims SAIL Venture Partners maliciously funneled her fortune into 'risky and unsound' investments to benefit themselves between 2006 and 2007.

She put $1.3 million of her fortune into the firm 10 years ago, with the assurance that she would receive 'enormous' profits.

But the once thriving organization promptly nose-dived, losing everything. Three of the 10 portfolio companies are now bankrupt and the rest will not generate a return.

Now, Cher is demanding her money back.

Strong enough: Cher, 70, (pictured at the 2015 Met Gala) is suing a financial management firm as she claims they defrauded her out of thousands - if not millions - of dollars by pouring her money into tanking investments

The singer's suit was filed on Wednesday in Los Angeles County Superior Court on behalf of Veritas Trust, of which the singer is the sole trustee.

It targets SAIL and related firms, alleging that SAIL's principals engaged in 'malicious and fraudulent' behavior.

She claims the team continued to demand management fees and payments despite floundering financially,

According to the suit, read by The Hollywood Reporter, Cher claims the defendants 'routinely leveraged their insider positions with the portfolio companies' to cover up their financial woes.

She claims they assured her about 'supposed "exit strategies," impending "initial public offerings," and the potential for "enormous" profits' - all of which never came to fruition.

'Unbeknown to Veritas, defendants secured its capital and that of several other limited partners under duress at the eleventh hour,' the suit states.

Defendant: Walter L Schindler, founder of SAIL Venture Partners, who persuaded Cher to invest in his firm

'These bizarre and improper management tactics were a harbinger of worse to come.'

Despite the tanking fortunes, the suit states, 'defendants continued to collect management fees and lull the limited partners with false, rosy representations in violation of the partnership agreements.'

Messages seeking comment from SAIL officials weren't immediately returned Wednesday.

The suit seeks financial restitution and punitive damages but didn't specify amounts.

Cher, whose performing career stretches back to the mid-1960s, last toured as a singer in 2014.