Financial Adviser Pleads Guilty To Robbing Mike Tyson, Others

A former financial adviser has pleaded guilty to embezzling $1 million from four clients, including former undisputed heavyweight champion Mike Tyson and former NBA All-Star Glen Rice.

The U.S. Attorney's Office said in a news release that 55-year-old Brian Ourand of Chicago pleaded guilty to wire fraud Monday in federal court in Washington.

In his plea agreement, Ourand admitted to stealing money from his pro athlete clients for his personal use and others'. Ourand's employer reimbursed the athletes for their losses.

Ourand faces a term of 33 to 41 months in prison at sentencing on May 2. He will also be required to pay restitution.

Prosecutors even alleged that he used the death of Tyson's daughter to hide some of his theft. He admitted to using fraudulent checks, credit cards and illegal wire transfers to steal from Tyson and three other athletes between 2006 and 2011.

Assistant U.S. Attorney David Last said Ourand robbed Tyson's personal and business accounts of at least $265,000.

According to the indictment, Ourand used the money for gambling debts, hotel stays, tanning salons, dental work, clothing, restaurants, home improvement purchases and private school tuition for his girlfriend's relative.

Last May, the SEC banned Ourand from working in the financial industry and ordered him to pay more than $971,000 in fines and penalties.

In total, he stole $546,168 from Tyson, who worked with the adviser's company SFX from 2009 to 2011. According to court documents, Tyson's wife Lakiha spoke with Ourand “a few times a week. She felt comfortable with him.”

Tyson in his lawsuit alleged that they once trusted Ourand so much that he attended their wedding.