Tyson sues Live Nation over alleged embezzlement — Mike Tyson sued a financial
services firm owned by Live Nation Entertainment on Wednesday, 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. He appeared in "The Hangover" and
is leading a one-man autobiographical show, "Undisputed Truth."
This article originally appeared in : Tyson sues Live Nation over alleged embezzlement | Associated Press | February 20, 2013 10:22 PM
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