Mike Tyson Sues SFX Financial for Embezzlement

Former champ says adviser took more than $300,000

   

Tyson Mike Tyson Sues SFX Financial for EmbezzlementFormer Heavyweight champion Mike Tyson is suing one of his financial firms for embezzlement.

He’s suing SFX Financial Advisory Management Enterprises — owned by Live Nation (NYSE:LYV) — alleging that one of its employees took more than $300,000 from him, reports the Associated Press. Tyson also claims the theft cost him millions in lost earnings.

Before the filing, the company returned some of the reportedly embezzled money to Tyson. It also asked Tyson and his wife to sign a non-disclosure agreement regarding the payment. The Tyson’s refused to do so and the suit was filed.

In all, the lawsuit seeks more than $5 million. It alleges breach of fiduciary duty as well as negligent hiring, unjust enrichment and more. Live Nation says it has not been served in the case and could not comment.

The financial adviser named in the suit, Brian Ourand, is no longer working for SFX Financial. He has not issued a statement concerning the matter.

More stories about lawsuits:


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/mike-tyson-sues-live-nation-owned-firm-for-embezzlement/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.