The financial guru behind the bestseller Rich Dad, Poor Dad has filed for bankruptcy, according to reports.
Kiyosaki filed for corporate bankruptcy after losing a court judgment to The Learning Annex, The New York Post said.
According to reports, Kiyosaki's company Rich Global LLC was ordered to pay almost $24 million to the Learning Annex and its founder and chairman, Bill Zanker.
A US District Judge ordered that Kiyosaki must give Zanker a percentage of the profits he made from speaking appearances which he had organised through Learning Annex.
A US District Court jury ruled Zanker and the Annex were entitled to a certain percentage of the profits from those engagements.
Zanker told the New York Post he was responsible for making Rich Dad, Poor Dad into the global name it is today.
“I took Kiyosaki's brand and made it bigger. The deal was I would get a percentage and he reneged,'” Zanker said.
“We put his 'Rich Dad' brand on a stage. We truly prepared him for great fame and riches. But when it was time for him to pay up, he said no.”
Rich Dad, Poor Dad, has sold over 26 million copies and earned Kiyosaki widespread fame as a financial commentator and celebrity fans.
Will Smith said he was teaching his son about financial responsibility by reading the book and Oprah Winfrey endorsed it on her show.
Even Donald Trump later co-wrote the book Why We Want You to be Rich with Kiyosaki in 2006. - IOL