Mike Tyson filed a lawsuit against SFX Financial Advisory Management Enterprises, the financial services firm owned by Live Nation, claiming one of their advisers embezzled $300,000 from him and cost millions more in lost earnings. Tyson's lawsuit claims the company failed to give him a full account of his losses, but wanted him to sign a nondisclosure agreement after giving back some of the embezzled money.
Tyson is seeking more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.
Tyson and his wife claim that they couldn't emerge from their bankruptcy over the embezzlement, which forced them to hire new advisers and turn down lucrative contracts.
Part of the lawsuit reads, "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."
Live Nation declined to talk about the incident to the media, claiming they hadn't been served with the lawsuit yet.
Source: thegrio.com
