US planner hit with Tyson lawsuit
Former world heavyweight boxing champ Mike Tyson has filed a lawsuit in the Los Angeles Superior Court against his former financial planner for alleged embezzlement.
The former boxer and his wife Lahika Tyson, a co-plaintiff, claim that Brian Ourand of Washington DC-based SFX Financial Advisory Management Enterprises stole money and caused asset losses of more than US $5 million, while engaged to provide financial advice to the couple.
According to court documents seen by the Los Angeles Times, the lawsuit is seeking damages for breach of fiduciary duty, negligent hiring and unjust enrichment, among other civil charges.
"The 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,” the lawsuit reportedly states.
The Tysons’ lawyer, Ben Meisalas of Geragos & Geragos, told the US press that his clients are serious about pursuing the charges.
“[The Tysons] feel betrayed in the worst possible way by their financial advisers,” he said. “But [they] are fighters, and always have been, and [they] have a legal team in place with unlimited resources to make sure [they] receive justice.”
ASIC concedes Hayne error on personal advice
The corporate regulator has told a government committee that intra-fund advice i...
PIMCO to bring listed investment trust to Australia
Investment manager PIMCO will bring its first closed-end listed investment trust...
ANZ not ruling out a complete advice exit
The major bank’s CEO Shayne Elliott has explained why, for now, he is keeping ...