Tyson Sues Live Nation for $5 Million After Filing Charges of Embezzlement

On Wednesday, famed championship boxer Mike Tyson filed a lawsuit against a financial company owned by Live Nation Entertainment, Inc., for embezzlement.

Tyson and his wife, Lakiha, filed suit in Los Angeles Superior Court against SFX Financial Advisory Management Enterprises that alleges the wealth management company improperly took more than $300,000 and left the Tysons in financial ruin.

The couple was forced to mortgage their home while having to borrow money in order to cover living costs as well as settle other tax discrepancies, the suit details.

As a result of the embezzlement, the Tysons were allegedly deprived of possible future earnings as well as other business opportunities. The matter left the couple in poor financial standing, which forced them to agree to an unfavorable bankruptcy settlement.

"Defendant Ourand and Defendant SFX/Live Nation deceived the Tysons in the worst possible way at the worst possible time when the Tysons needed them to conclude Mr. Tyson's bankruptcy proceedings," the suit reads.

The suit goes on to detail that the financial company failed to properly screen job applicants, which led to negligent hiring and poor supervision of employees who were given access to private financial information.

The suit also alleges SFX compromised their fiduciary responsibilities and were also guilty of perpetrating fraud. In addition to those charges, the Tyson's are seeking compensatory damages as well as punitive damages and all fees associated with the cost of the suit.

The total financial compensation being sought in the suit is over $5 million.

A Live Nation Entertainment Inc. spokeswoman revealed that the company had yet to be served the suit and was withholding comment until after the company reviewed the alleged charges.

Tyson, who become the youngest World Heavyweight Champion in 1980 at the age of 20, has been active during his post boxing years by appearing in several movies, including "The Hangover," and has been an active ambassador to the sport of boxing.