Mike Tyson Slaps Live Nation With $5 Million Lawsuit Over Alleged Embezzlement

Iron Mike is looking to get into the legal ring as he files a complaint against a former financial adviser and Live Nation for money he claims they stole from him.

By Josh Grossberg
|  Thursday, Feb 21, 2013  |  Updated 9:48 AM CDT
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US boxer and former heavyweight world champion Mike Tyson

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Mike Tyson's going for a knockout--in court.

The boxing champ is suing a financial-services firm and its parent company, Live Nation Entertainment, accusing one of their advisers of embezzling $300,000 from him and his wife, Lakiha.

Per the complaint filed in Los Angeles Superior Court and a copy of which was obtained by E! News, Tyson alleges that Brian Ourand of SFX Financial Advisory Management and Live Nation covered up the pilfering while the couple was going through bankruptcy, which prevented the Tysons from stabilizing their finances and forced them to turn down lucrative business opportunities.

The sports icon claims they trusted Ourand's firm with their financial affairs without knowing they were receiving "false and misleading financial advice...to cover up his theft," according to the docs.

Read the complaint

That resulted in excess of $5 million in damages to the Tysons while their former adviser has not faced criminal prosecution and has since left SFX, the suit alleges. Not only that, but the Tysons asserted SFX/Live Nation tried "coercing" them into signing a settlement agreement and confidentiality agreement without providing a full accounting of the funds that were stolen.

The duo want unspecified damages, restitution, punitive damages and court costs.

Attorneys for Ourand and Live Nation were unavailable for comment.

Tyson, 46, has seen a career resurgence of late, thanks to cameos in box-office hits like "The Hangover," appearances in best-selling video games and a one-man solo show he headlined in Las Vegas and on Broadway entitled "Mike Tyson: Undisputed Truth."

--Reporting by Claudia Rosenbaum

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