Mike "The Baddest Man on the Planet" Tyson has filed suit against Live Nation Entertainment Wednesday claiming an employee at a financial firm owned by the company embezzled over $300,000 from the former boxer and also cost him millions in potential earnings.
Tyson wants Live Nation and its subsidiary SFX Financial Advisory Management Enterprises to pay more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims, the Associated Press reports.
The financial firm tried to returned some of the money that was embezzled by former company adviser Brian Ourand, but wanted Tyson to sign a nondisclosure agreement which he refused. The former heavyweight claims the company did not provide him with a full accounting of his loses.
According to the complaint, Tyson couldn't emerge from bankruptcy because of the embezzlement and as a result had to turn down contracts potentially worth millions of dollars.
"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.
A Live Nation Entertainment spokesperson did not comment on the matter and said the company had not been served with the lawsuit. Ourand couldn't be reached for comment.
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