September 26, 2016 | 73° | Check Traffic

Sports| Top News

Tyson sues Live Nation over alleged embezzlement

  • ASSOCIATED PRESSFILE - In this Saturday, Feb. 16, 2013 file photo, former heavyweight champion Mike Tyson smiles during a promotional event for former five-time champion Evander Holyfield's Real Deal barbecue sauce at a Chicago grocery store. Tyson and his wife sued SFX Financial Advisory Management Services, a subsidiary of Live Nation Entertainment on Wednesday Feb. 20, 2013, claiming a former employee of the financial services company embezzled more than $300,000 from them and cost them millions in lucrative contracts. (AP Photo/Charlie Arbogast)
    ASSOCIATED PRESS
    FILE - In this Saturday, Feb. 16, 2013 file photo, former heavyweight champion Mike Tyson smiles during a promotional event for former five-time champion Evander Holyfield's Real Deal barbecue sauce at a Chicago grocery store. Tyson and his wife sued SFX Financial Advisory Management Services, a subsidiary of Live Nation Entertainment on Wednesday Feb. 20, 2013, claiming a former employee of the financial services company embezzled more than $300,000 from them and cost them millions in lucrative contracts. (AP Photo/Charlie Arbogast)

LOS ANGELES >> Mike Tyson sued a financial services firm owned by Live Nation Entertainment today, claiming one of its advisers embezzled more than $300,000 from the former heavyweight champ 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 boxer and his wife, Lakiha, a full accounting of their losses. The company returned some of the embezzled money but wanted the Tysons to sign a nondisclosure agreement, which they refused, the suit states.

The lawsuit seeks more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.

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

The lawsuit claims the embezzlement prevented the Tysons from emerging from bankruptcy, and forced them to hire new advisers and turn down lucrative contracts. The couple trusted Brian Ourand, their adviser at SFX, so much that he attended their wedding, the case states.

Ourand, who could not be reached for comment, has since left 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.

The former boxer has broadened his career in recent years, including appearing in “The Hangover” and leading a one-man autobiographical show, “Undisputed Truth.”

No comments
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.