Welcome to Financial Advisor IQ

Mike Tyson’s Former FA Gets 33 Months in Prison

September 8, 2017

A federal judge has sentenced a former financial advisor to Mike Tyson to 33 months in prison for stealing around $1 million from the boxing heavyweight champ and other professional athletes, the Washington Post reports.

U.S. District Judge for the District of Columbia Tanya Chutkan also ordered Brian Ourand, a former executive with SFX Financial Advisory Management Enterprises, to pay back $1 million, according to the paper.

Ourand pleaded guilty in February to stealing around $550,000 from Tyson and around $450,000 from former NBA players Glen Rice and Dikembe Mutombo and another unidentified pro athlete. He then spent the money on travel, dining, gambling and other personal expenses, the Post writes.

Ourand’s lawyers argued for a one-year sentence and offered support letters from Ourand’s family, friends, colleagues, teachers and basketball player Rod Strickland, another of his clients, according to the Post. But Chutkan said Ourand’s “relatively privileged background” and the position of trust he was in merited a higher sentence, the paper reports.

Ourand was originally facing up to 20 years in prison, although the February plea reduced the maximum to 41 months. His sentencing was also originally scheduled for four months ago.

Mike Tyson (Getty)

The SEC last year found Ourand guilty of misappropriating client funds and ordered him to pay back close to $1 million in restitution and penalties. Tyson had originally filed a $5 million lawsuit against SFX but the firm settled with him, Rice and Mutombo, according to the Post.

The SEC alleged SFX had fired Ourand in August 2011 for withdrawing money from client accounts for his own personal use from 2006 until his dismissal, the paper writes.

By Alex Padalka
  • To read the Washington Post article cited in this story, click here.