Mike Tyson sues Live Nation for alleged embezzlement

mike-tyson-sues-live-nation.jpg Mike Tyson is suing a Live Nation Entertainment financial services firm, claiming on of its advisers embezzled over $300,000 from him and cost him millions more in lost earnings, reports CBS News.

The lawsuit alleges that Live Nation and SFX Financial Advisory Management Enterprises seeks more than $5 million in damages because Tyson claims the embezzlement on the part of the company kept him and wife Lakiha from emerging from bankrupcy and forced them to turn down lucrative contracts.

The lawsuit goes on to say that SFX has not given the Tysons a full accounting of their losses. The company has returned some of the embezzled money, but wanted Tyson and his wife to sign a nondisclosure agreement, which they refused to do, according to the suit.

The lawsuit reads in part:

"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."

A Live Nation spokesperson says the company has not yet been served with the lawsuit and therefore can not comment on it.

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