The advisor spent the money on personal expenses such as travel, dinners out, and gambling
A former financial advisor to Mike Tyson and several other professional athletes has been sentenced to 33 months in prison for stealing approximately US$ 1 million from them.
In February, Brian Ourand pleaded guilty to stealing some US$550,000 from Tyson and roughly US$450,000 from former NBA players Glen Rice, Dikembe Mutombo, and a third unidentified athlete, reported the Washington Post.
Aside from the nearly 3-year sentence, the former executive with SFX Financial Advisory Management Services was also ordered to pay back US$1 million. Ourand’s legal counsel attempted to get his sentence down to one year, offering letters from supporters including his family, friends, and basketball player Rod Strickland.
But Judge Tanya Chutkan, who presided over the case, said he deserved a higher sentence because of his “relatively privileged background” and the fact that he stole from clients who trusted him in an “egregious manner.” He had used the stolen money to pay for travel, gambling debts, dinners out, and personal services.
Ourand originally faced up to 20 years’ jail time, but the maximum was reduced to 41 months following his February admission. He was also originally set to be sentenced four months ago.
In a separate ruling last year, the SEC found Ourand guilty of misappropriating client funds and ordered him to pay another US$1 million in compensation and penalties. Tyson had originally sued SFX for US$5 million, but the firm managed to reach a settlement with him, as well as Rice and Mutombo.
The SEC said that SFX terminated Ourand in 2011 for because he had been embezzling from clients since 2006, reported the Post.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Wells Fargo wealth unit losing advisors to rivals
Advisor sues former firm over smear campaign
In February, Brian Ourand pleaded guilty to stealing some US$550,000 from Tyson and roughly US$450,000 from former NBA players Glen Rice, Dikembe Mutombo, and a third unidentified athlete, reported the Washington Post.
Aside from the nearly 3-year sentence, the former executive with SFX Financial Advisory Management Services was also ordered to pay back US$1 million. Ourand’s legal counsel attempted to get his sentence down to one year, offering letters from supporters including his family, friends, and basketball player Rod Strickland.
But Judge Tanya Chutkan, who presided over the case, said he deserved a higher sentence because of his “relatively privileged background” and the fact that he stole from clients who trusted him in an “egregious manner.” He had used the stolen money to pay for travel, gambling debts, dinners out, and personal services.
Ourand originally faced up to 20 years’ jail time, but the maximum was reduced to 41 months following his February admission. He was also originally set to be sentenced four months ago.
In a separate ruling last year, the SEC found Ourand guilty of misappropriating client funds and ordered him to pay another US$1 million in compensation and penalties. Tyson had originally sued SFX for US$5 million, but the firm managed to reach a settlement with him, as well as Rice and Mutombo.
The SEC said that SFX terminated Ourand in 2011 for because he had been embezzling from clients since 2006, reported the Post.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Wells Fargo wealth unit losing advisors to rivals
Advisor sues former firm over smear campaign
