Boxing legend Mike Tyson has sued a financial services firm for embezzlement, according to a Feb. 20 Associated Press report. Tyson reportedly sued Live Nation Entertainment on Wednesday, alleging that one of its financial advisers embezzled more than $300,000 from Tyson and his wife.
According to the lawsuit, Live Nation and its company SFX Financial Advisory Management Enterprises have allegedly failed to give the boxer and his wife a full accounting of their losses. The lawsuit claims that the company returned some of the embezzled funds, but asked Tyson and his wife to sign a nondisclosure agreement. The Tysons reportedly refused to sign the agreement. Tyson is seeking more than $5 million in damages for breach of fiduciary duty, negligent hiring, and unjust enrichment, among others.
The lawsuit alleges further that the embezzlement prevented the Tysons from emerging from bankruptcy, and forced them to hire new advisers and forfeit other lucrative opportunities. In the lawsuit, the couple asserts that they trusted their SFX financial adviser Brian Ourand and even invited hi to their wedding.
According to the lawsuit, “Defendants did not secure, protect, safeguard and appropriately apply the Tysons' finances for their intended purposes, but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation.”
A spokeswoman for Live Nation Entertainment Inc. said the company had not been served with the lawsuit and could not comment on it, according to the Associated Press.
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