Posted: February 22, 2013 at 1:59 am
Who in there right mind would want to be on Mike Tyson’s bad side. The former champ is reportedly suing a financial services firm owned by Live Nation Entertainment, claiming one of its advisers embezzled more than $300,000 from him and cost him millions more in lost earnings.
The lawsuit claims that Live Nation and its company SFX Financial Advisory Management Enterprises haven’t given the Mike Tyson and his wife, Lakiha, a complete record of their losses. The company returned some of the embezzled money but wanted the Iron Mike and his wife to sign a nondisclosure agreement, which they both refused. The lawsuit seeks more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.
The lawsuit claims the embezzlement prevented Tyson and his wife from emerging from bankruptcy, and forced them to hire new advisers and turn down lucrative contracts. The couple trusted and put their faith in Brian Ourand, their adviser at SFX, to the point that he attended their wedding, the case states. Ourand is actually no longer with SFX, according to the lawsuit. The filings claim his conduct has not been reported to regulators.
“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.
With all of Mike Tyson’s prior financial woes, we hope this works out in his favor if the allegations are actually true. Although Mike Tyson has turned over a new leaf and seems to have a more peaceful demeanor, if I were Brian Ourand I definitely wouldn’t want to run into the former champ in the streets.