(AllHipHop News) The once Heavyweight titan Mike Tyson has a history of being the victim of financial exploitation (read: Don King). But those days are over as Mike Tyson has filed a suit against Live Nation-owned financial services firm, SFX Financial Advisory Management Enterprises for embezzlement.
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According to the suit, Tyson claims that one of SFX’s advisors embezzled over $300,000 and cost him millions of dollars in losses. The lawsuit also states that the Live Nation-owned financial services firm has not provided the former heavyweight champion or his wife with a detailed report of their losses. The lawsuit asserts that due to the embezzlement, Iron Mike was not able to get out of bankruptcy and thus turn down lucrative contract offers. Here is a direct quote from the lawsuit:
“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/Live Nation.”
Tyson is seeking “more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment and other claims,” according to The Huffington Post. A Live Nation Entertainment Inc representative states the company can not comment on the suit until they are served with the papers.
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Tyson has reinvented his career since Tyson proclaimed he wanted to move on with his life following his embarrassing defeat in this final bout no June 11th, 2005 to Kevin McBride. He has starred in record-breaking The Hangover series and on February 28th will begin a 3-night one man show about his life since the 1980s called Mike Tyson: Undisputed Truth. Directed by Spike Lee, the show will be at the Orpheum Theatre in New York City.
Check below for a video of Mike Tyson speaking on his rocky relationship with Don King: