Mike Tyson suing former financial advisor for $5 million claiming he embezzled funds

Mike Tyson has been through a little bit of everything in his career including bankruptcy. Looks as if Tyson is once again on the wrong end of shady handlers. The former heavy weight champion and his wife are suing their former financial advisors they claim embezzled more than $300,000 from them … and ultimately cost them around $5 million.

Tyson filed the suit against SFX Financial Advisory Management Enterprises where he claims SFX advisor Brian Ourand siphoned off the money from his accounts.Additionally, the Tysons claim Ourand purposely gave them “deceptive and faulty financial advice.”

According to the suit, Ourand has quite the pedigree — having represented several other superstar athletes like Allen Iverson, Dikembe Mutombo and Juwan Howard.Tyson, and his attorney Mark Geragos claim Ourand’s scheme, which they discovered in 2011, has stopped Tyson from digging out of the bankruptcy he filed 10 years ago — and set him back $5 mil.

Tyson claims the missing funds caused him to not only borrow money to pay back the IRS, but also mortgage his home to pay bankruptcy lawyers. Also in the court documents, SFX acknowledged the situation and returned a portion of the money but wanted Tyson to sign a settlement. Clearly he said NO.

In the docs, Tyson says SFX admitted Ourand embezzled the $300k … returned a portion of the funds — and then tried to get the Tysons to sign a settlement.

Ourand is currently in Miami working for another financial institution.