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Mike Tyson sues Live Nation over alleged embezzlement

AP
February 22, 2013, 12:03 am TWN
LOS ANGELES--Mike Tyson sued a financial services firm owned by Live Nation Entertainment on Wednesday, claiming one of its advisers embezzled more than US$300,000 from the former heavyweight champ and cost him millions more in lost earnings.

The lawsuit claims that Live Nation and its company SFX Financial Advisory Management Enterprises haven't given the boxer and his wife, Lakiha, a full accounting of their losses. The company returned some of the embezzled money but wanted the Tysons to sign a nondisclosure agreement, which they refused, the suit states.

The lawsuit seeks more than US$5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims.

A spokeswoman for Live Nation Entertainment Inc. said the company had not been served with the lawsuit and could not comment on it.

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