Music Agent Sues (Ex-)Best Friend

A top music industry agent is suing his former best friend and investment adviser, alleging that he lost at least $2.5 million on reckless and unauthorized real estate-related investments.

Tom Ross, who heads the music division at Creative Artists Agency, names Craig Wald as the principal defendant in the Los Angeles Superior Court case. Court papers show the investments were mainly in notes, deeds of trust and partnership investments involving a diverse collection of Southern California properties.

Skip Miller, Wald’s lawyer, denied any wrongdoing and accused Ross of blaming Wald for losses caused by the Southern California real estate decline.

According to the lawsuit, Ross and Wald are godfathers to each other’s sons. Others who know the two say Ross and Wald have been best friends since they grew up and attended school together in Beverly Hills. They are also neighbors, sources said, living across the street from each other.