International Boxing : Mike Tyson to sue financial advisers over embezzlement

Mike Tyson has been a victim of financial exploitation but he seems to be getting over with them now as he has recently filed a case against Live Nation – owned financial services firm SFX (a financial advisory management enterprise) for embezzlement.

Mike Tyson according to the charges on SFX it’s claimed to have embezzled an amount of $300, 000 and cost him losses worth millions of dollars. The suit also continued to say that neither Tyson nor his wife had received any detailed reports from the financial firm.

However, the lawsuit has said that due to the embezzlement Tyson wasn’t able to get out of bankruptcy and due to this situation turns down better offers.

Here is a direct quote from the lawsuit:

“Defendants did not secure, protect, safeguard and appropriately apply the Tyson’s’ finances for their intended purposes, but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation.”

According to the Huffington Post, Tyson is seeking; “more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.” Representatives of the financial firm have said the Company wouldn’t comment on the charges until they are served with documents.

 

Read also:

http://en.africatopsports.com/2012/12/06/mike-tyson-ring-on-the-scene/


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