Former boxing world champion Mike Tyson sues Live Nation over embezzlement
ASSOCIATED PRESS February 20, 2013 7:28PM
Updated: February 20, 2013 7:29PM
LOS ANGELES — Mike Tyson is suing a financial services firm affiliated with Live Nation, claiming it cost him more than $5 million due to a former employee’s embezzlement and mismanagement.
The lawsuit filed Wednesday in Los Angeles claims an adviser from SFX Financial Advisory Management Enterprises embezzled more than $300,000 from the former heavyweight boxing champ. The suit claims the losses hindered Tyson and his wife from emerging from bankruptcy.
SFX is a subsidiary of Live Nation Entertainment Inc.
The case claims Tyson and his wife lost millions more by having to hire new attorneys and advisers to handle their financial affairs, and they had to turn down lucrative contracts.
Messages left for a Live Nation spokeswoman and at the Washington, D.C., offices of SFX were not immediately returned.