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Saturday 30 August 2014

Boxer Tyson sues over lost earnings

Published 21/02/2013 | 06:41

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In this June 18, 2012 file photo, former heavyweight boxer Mike Tyson announces "Mike Tyson: Undisputed Truth" a one man show on Broadway, in New York. 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.(Photo by Evan Agostini/Invision/AP, File)

Mike Tyson has sued a financial services firm, claiming one of its advisers embezzled more than 300,000 dollars (£197,000) from the former heavyweight champ and cost him millions more in lost earnings.

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The lawsuit claims that Live Nation Entertainment and its company SFX Financial Advisory Management Enterprises have not 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 non-disclosure agreement, which they refused, the suit states.

The lawsuit seeks more than five million dollars (£3.3 million) in damages for negligent hiring, unjust enrichment and other claims.

A spokeswoman for Live Nation Entertainment 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.

He has since left SFX, according to the lawsuit.

It states: "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."

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

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