Advisor Pleads Guilty to Stealing from Mike Tyson
A financial advisor has pleaded guilty to fleecing boxing legend Mike Tyson and several other professional athletes out of around $1 million, the Washington Post writes.
Brian Ourand admitted to taking close to $550,000 from the former heavyweight champion and around $450,000 from former NBA players Glen Rice and Dikembe Mutombo and another unidentified pro athlete in a scheme dating back to 2003, according to the paper.
Ourand, a former executive of SFX Financial Advisory Management Enterprises, then spent the money on hotels, gambling, dental work, private school tuition for a girlfriend’s relative and tanning services, according to the plea cited by the Post.
Ourand agreed to pay back $1 million in total but still faces 33 months to 41 months in prison under the deal, although he originally faced a maximum sentence of 20 years, according to the paper.
His sentencing is scheduled for May 2, the Post writes.
Last year, the SEC found Ourand guilty of client fund misappropriation and ordered him to pay close to $1 million in restitution and a civil penalty, according to the paper.
In 2013, Tyson filed a $5 million lawsuit against SFX, which settled the lawsuit and paid back each client, according to the SEC decision cited by the Post. SFX had fired Ourand in 2011 but the firm agreed to pay $150,000 while its chief compliance officer agreed to pay $25,000 for failing to supervise Ourand, according to the SEC documents cited by the paper.
Tyson’s previous spending habits could make a financial award from the Ourand theft very appealing. He had earned $300 million during his boxing career but last summer had trouble covering his debt to the Internal Revenue Service.
Among Tyson’s splurges were a pair of Bengal tigers that set him back $140,000 plus $20,000 a month for maintenance.