Phillip Q. Shrotman

 

Mike Tyson KO’d By Financial Advisor

An advisor who stole more than $1 million from boxer Mike Tyson, former NBA star Glen Rice and other clients was sentenced to 33 months in prison, according to federal prosecutors.

Brian J. Ourand, 56, used the stolen funds to pay golf course fees, tanning salons, stays in high-end hotels, health care memberships and other personal expenses, according to prosecutors. He pled guilty in February to a charge of wire fraud in the U.S. District Court for the District of Columbia.

Prosecutors had sought for 37 months in prison for Ourand, arguing to the judge that he betrayed clients' deep trust in him. Tyson and his wife had invited Ourand to their wedding when they renewed their vows in 2011, according to court documents.

"Ourand's greed came at a cost to the people who trusted him with their money," said U.S. Attorney Channing Phillips said in a statement.

From 2006 through 2011, Ourand used fraudulent checks and other methods to embezzle client funds, according to prosecutors. He used these funds for his personal expenses as well as those of his girlfriend and another person unidentified by authorities.

In one instance, Ourand used $10,000 of Rice's funds to pay for this unidentified person's registration fee for the 2009 World Series of Poker tournament in Las Vegas, according to authorities.

In total, Ourand deposited nearly 100 checks drawn on accounts of four athletes into his personal bank account, authorities said. The other two athletes were not identified in court documents.

Neither Ourand nor his attorney could be reached for immediate comment.

Ourand's previous employer was not identified in court documents, but prosecutors said the company cut ties with him in August 2011 and reimbursed wronged clients for their losses. In his role at the company, Ourand managed clients' credit cards, personal and bank accounts and other financial-related services, according to prosecutors.

SEC charges against Ourand for alleged fraud in 2015 identified him as the ex-president of SFX Financial Advisory Management Enterprises, which provides advisory and financial management services to professional athletes.

SFX Financial could not be reached for immediate comment.

The SEC has since barred Ourand from working in the securities industry.

In addition to prison, District Judge Tanya S. Chutkan also ordered Ourand to pay over $1 million in restitution. Ourand will also be placed on three years of supervised release once his prison term ends.

PQS