Missy Schwartz
January 29, 2010 AT 06:06 PM EST

Reuters is reporting that Sly Stone filed a $50 million lawsuit against his former manager Jerry Goldstein yesterday, claiming fraud and 20 years of stolen royalties. Stone, 66, the frontman of 1960s and ’70s band Sly and the Family Stone, alleged that Goldstein had diverted an estimated $20-$30 million of royalties to fund a lavish lifestyle. The musician also claimed that his ex-manager registered the band’s name (Sly and the Family Stone) as his own property and used it borrow millions of dollars.

Filed in Los Angeles Superior Court, the suit seeks damages of $50 million and asks for a full accounting from royalty collection companies to determine how much had been taken from Stone.

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