Mike Tyson sues financial advisory firm for $5 million

Mike Tyson has sued SFX Financial Advisory Management Enterprises, saying that one of its advisors embezzled more than $300,000 from him and cost him millions of dollars in potential future earnings.

The lawsuit claims that although SFX has returned some of the money, it is still well short of returning what it embezzled. Tyson is seeking more than $5 million in damages, claiming breach of fiduciary duty, negligent hiring, unjust enrichment and other charges.

“Defendants did not secure, protect, safeguard and appropriately apply the Tysons’ finances for their intended purposes,” the former boxer’s lawsuit states, “but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation.” SFX Financial Advisory Management Enterprises is owned by Live Nation.

Live Nation Entertainment Inc. told the Associated Press that it had not yet been served with the lawsuit and thus could not comment on it.

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