Mike Tyson Sues Live Nation With $5M Over Alleged Embezzlement [REPORT]

Former boxer Mike Tyson sued SFX Financial Advisory Management Enterprises owned by concert promoter Live Nation on Wednesday for allegedly embezzling more than $300,000 from him and his wife and cost him millions of dollars in future earnings.

Tyson claims in the lawsuit that Live Nation and SFX didn't provide a full accounting of the couple losses. Although the company returned some portion of the money, it is still well short of what was embezzled. And they asked for Tyson to sign a nondisclosure agreement, which they refused.

According to E! News, Tyson began working in 2005 while Mike was working through his bankruptcy proceedings. An advisor Brian Ourand was assigned to the handle the couple's finances through the firm. He had embezzled over $300,000 the suit states.

It wasn't until Tysons themselves asked Live Nation why Ourand wasn't handling their services that they inform the couple of the alleged theft. This is when Live Nation also sent a letter directly, not through their attorney, asking them to sign a non-disclosure.

The embezzlement resulted in preventing Tysons from emerging from bankruptcy, forcing them to hire new advisers and turn down lucrative contracts. Tysons claims they were "forced to enter into an onerous bankruptcy settlement."

"Defendants did not secure, protect, safeguard and appropriately apply the Tysons' finances for their intended purposes," the former boxer's lawsuit states, "but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation."

Tyson is seeking for more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.

A spokeswoman for Live Nation stated the company had not been served with the lawsuit and could not comment on it.

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