Boxer-turned-entertainer Mike Tyson is taking his former financial advisor Brian Ourand to court over a direct embezzlement of $300,000 and additional millions lost in damages.
SFX Financial Advisory Management, a division of Live Nation, is accused of using Tyson's money for its own benefit at Ourand's hand, according to The Associated Press. While an accounts payable audit has not been conducted in the case, the source says Tyson and his wife Lakiha are certain their investment with the firm was abused, citing they were forced to take on new money management teams and reject lucrative entertainment deals.
Tyson is under continued pressure following his bankruptcy filing ten years ago, the source claims. The New York Times reported in 2003 that he owed $17.4 million to the IRS and British tax authorities combined, as well as amounts ranging from $300,000 to $800,000 each to law offices, state governments, a financial manager, a music producer, and an athletic trainer.
An AP audit may be issued in coming months as Live Nation has yet to receive the lawsuit, according to the source.