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Mike Tyson sues firm $5M over $300K in embezzled funds

Mike Tyson is suing a firm over embezzlement. (Chris Hyde/Getty Images)

Mike Tyson is suing a firm over embezzlement. (Chris Hyde/Getty Images)

Mike Tyson and his wife are suing a firm owned by Live Nation Entertainment, claiming one of its advisers, who Tyson said he trusted enough to have present at his wedding, embezzled hundreds of thousands of dollars from the former heavyweight champion and cost him several million in lost earnings.

Tyson and his wife, Lakiha, are seeking more than $5 million for a number of allegations against the firm, including fiduciary duty, negligent hiring, unjust enrichment and other claims. SFX Financial Advisory Management Enterprises has failed to provide Tyson with a full account of the losses he suffered, according to a report from the Associated Press, and has returned only a fraction of the embezzled money. Live Nation said it has not received a copy of the lawsuit and therefore refuses to comment on the matter.

SFX wanted Tyson to sign a non-disclosure agreement, but he has obviously refused. The adviser, Brian Ourand, has since left SFX but the Tyson's allege his actions prevented them from emerging from bankruptcy and forced them to hire new advisers when they could have instead entered into lucrative contracts:

''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."