Tyson sues Live Nation, charging embezzlement and millions in lost earnings
Mike Tyson is enjoying a career resurgence, a second (third?) chapter in his life in which the former heavyweight champion is proving to be far sharper and funnier than we'd given him credit for back during his boxing days.
He's reshaped his image with a memorable cameo in "The Hangover" (you can't hear "In The Air Tonight" without doing Tyson drums anymore, can you?), a one-man show ("The Undisputed Truth") and appearances on shows like "Law & Order." And now he's trying to address some of his financial matters. He's filed suit against SFX Financial Advisory Management Enterprises, a financial services firm owned by Live Nation, charging that one of its advisers embezzled more than $300,000 from him, as well as cost him millions in potential future earnings.
Tyson's suit claims that SFX has not given Tyson a complete picture of the embezzled money, and while SFX has returned some of the money, has asked Tyson to sign a nondisclosure agreement. Tyson's suit seeks more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other charges.
"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."
According to Tyson, the embezzlement prevented him from getting out of bankruptcy and forced him to turn down potentially lucrative opportunities. The advisor, Brian Ourand, was a trusted confidante who attended Tyson's wedding; Ourand has since left the company.
The AP was unable to reach Ourand for a response. Live Nation Entertainment Inc. said it had not yet been served with the lawsuit and thus could not comment on it.
Tyson continues to remain active in public life, both as an endorser and a performer.
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