Mike Blake/Reuters
Michael Avenatti gave up control of his law firm on Wednesday to settle a dispute with a former partner who alleged he was draining its assets to finance a lavish lifestyle and avoid paying a $10 million judgment, the Los Angeles Times reported. The ex-partner, Jason Frank, detailed the expenditures in a court filing, including: $232,875 for his auto racing team; $13,000 in rent for a luxury apartment; a $3,640 payment on his Ferrari; $21,000 for his jet; and $150,000 for his coffee company. Frank also alleged in court documents that Avenatti hid millions in legal fees during bankruptcy proceedings and asked the court to appoint a receiver to take control of the firm. Avenatti, best known for representing porn star Stormy Daniels and a fantastical flirtation with running for president, accepted the receivership but denied wrongdoing. “This is much to-do about nothing,” he said.