Mike Tyson Sues Live Nation Entertainment: Former Boxer Alleges SFX Financial Advisory Management Enterprises Embezzled Money

Mike Tyson is suing a financial services firm owned by Live Nation Entertainment. Tyson is claiming that Live Nation and its company SFX Financial Advisory Management Enterprises haven't provided him and his wife, Lakiha, a full accounting of their losses.

Could it be the former boxer has bitten off more than he can chew? Tyson is claiming that the entertainment company embezzled more than $300,000 and cost him millions in potential earnings. SFX returned some of the embezzled money, but wanted Tyson to sign a nondisclosure agreement before returning the rest. The boxer wisely refused to sign.

Tyson and his wife trusted Brian Ourand, the couples advisor at SFX, so much so that they went to his wedding. Ourand was not available to speak, but he has since left SFX. According to the lawsuit, SFX mishandled Tyson's money, something Tyson is used to doing on his own.

"Defendants did not secure, protect, safeguard and appropriately apply the Tysons' finances for their intended purposes," the case states, "but instead misappropriated said funds for the benefit and enrichment of SFX/Live Nation.

Tyson is seeking more than $5 million in damages for breach of fiduciary duty, negligent hiring, unjust enrichment, and other claims.

Although Tyson is used to being on the other end of cases such as this, the former boxer has turned his career around in recent years. After a successful cameo in the hit movie The Hangover, Tyson is leading a one-man Broadway show called The Undisputed Truth.

Tyson is no stranger to financial hardships and controversy. Tyson has had numerous run-ins with the law including spending three years in jail after being convicted of rape in 1992. Despite making millions of collars boxing, Tyson filed for bankruptcy in 2003.

Tyson has had his fair share of financial problems, so this could be another attempt on Tyson's part to pay off some of his bills. However, Tyson has been able to turn his career around and has avoided controversy for the most part in recent years.

A spokeswoman for Live Nation Entertainment said the company could not comment because they had not been served with the lawsuit yet. Their lawyers are probably preparing a statement as this is written.