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Leonard Cohen says he’s broke

One of Canada’s most famous singer-songwriters says he’s broke. Macleans magazine reports that Leonard Cohen discovered his retirement savings have been depleted. Cohen thought the savings were worth more than $5 million US. The magazine says Cohen is virtually broke, faces a whopping tax bill and has had to take out a mortgage to pay legal costs. A forensic audit of his holdings apparently found massive improprieties. The 70-year-old poet, with homes in Montreal and Los Angeles, says he’s devastated. He says his savings have been reduced to about $150,000. Cohen has raised questions about how his money was managed by a longtime trusted personal manager, who had signing authority on his accounts, and a financial adviser. There are reports that Cohen is suing his business manager and tax lawyer.