Originally posted on Bush League Chronicle  |  Last updated 2/20/13
Former heavyweight boxing champ Mike Tyson is suing a financial services firm after Tyson claims that an advisor embezzled more than $300,000, and costs him millions more in lost earnings. The lawsuit states that Live Nation Entertainment and its company SFX Financial Advisory Management Enterprises has failed to fully disclose the financial details to Tyson. The company did return a portion of the embezzled money, but then wanted Tyson to ink a nondisclosure agreement, which he declined.According to the suit, the embezzled funds prevented Tyson from emerging from bankruptcy, and forced the 46-year-old to hire new advisers and turn down potentially lucrative contract offers. The suit refers to Brian Ourand as the advisor who embezzled from Tyson. Tyson trusted Ourand so much that the maligned advisor even attended his wedding."Defendants did not secure, protect, safeguard and appropriately apply the Tysons' finances for their intended purposes," the case states, "but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation."Tyson is seeking more than $5 million in damages for charges which include breach of fiduciary duty, negligent hiring, and unjust enrichment, among others.Messages left by NBC Sports for a spokesperson at Live Nation Entertainment were not immediately returned on Wednesday.The report states that Ourand could not be reached for comment, either. Ourand has since left SFC, according to the suit.Tyson is a member of both the International Boxing Hall of Fame and the World Boxing Hall of Fame.Via NBC Sports
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