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Mike Tyson Had to Mortgage Home for Debt Settlement - Loses $5 Million, Sues Financial Advisors

By Staff
Feb 21, 2013
Mike Tyson

Mike Tyson has filed a lawsuit agains a finical advisory group claiming their bad advice forced him to mortgage his home for debt settlement.

According to a TMZ.Com report, Tyson filed the suit against SFX Financial Advisory Management Enterprises and claims SFX advisor Brian Ourand skimmed money from his accounts and eventual cost the former heavyweight champion $5 million.

SFX is a financial services firm owned by Live Nation

The former boxer also claims Ourand purposely gave them "deceptive and faulty financial advice."

TMZ reports:

According to the suit, Ourand has quite the pedigree -- having represented several other superstar athletes like Allen Iverson, Dikembe Mutombo, and Juwan Howard.

Tyson, and his attorney Mark Geragos, claim Ourand's scheme, which they discovered in 2011, has stopped Tyson from digging out of the bankruptcy he filed 10 years ago -- and set him back $5 mil.

Live Nation Entertainment Inc. said it had not yet been served with the lawsuit and thus could not comment on it.

(Image: WENN)

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