During the 1980s, Leon Phillips was the front man for a band of the same name out of London. He was well known and well-loved as a guitarist and a lead vocalist, and his band toured the world. Fans were shocked when the band dissolved in 1985.
They thought that the death of drummer Adriene Tulle was to blame. But in reality, as Leon has publicly admitted, the reason was money. The band had been working hard, had a gold album drop, and had managed to maintain excellent working relationships. Fans were pleased with the music and they had good critical response. But nobody in the band knew a thing about money.
Leon’s team had hired an external accountant to take care of the band’s financial needs in 1981. In the four years that the accountant had the account, over ten million dollars went missing. There’s no evidence of an embezzlement crime, and Leon Phillips the man and the band decided not to press charges. They could not continue to operate, though, and cover their debts.
Following the band’s dissolution, Leon felt compelled to go to school to gain an understanding of accounting best practices. He recognized that his weakness had led to his loss, and he wanted to ensure that would not happen to him again.
He also wanted to reach out into the artist and entertainer businesses and find others who felt the same. In 1992, Running Horse Music was born. The accounting firm that specializes in corporate, entertainment and music clients is now the leader in the industry.