Washington RIA found guilty of ripping off Mike Tyson

Brian Ourand admitted taking $250,000 from the former heavyweight champion and $500,000 from former NBA star Glen Rice and at least two other pro athletes

Feb 7, 2017 @ 8:29 am

By InvestmentNews

The second shoe has dropped in the case of Brian Ourand, a former registered investment adviser in Washington, D.C.

Mr. Ourand, the former president of SFX Financial Advisory Management Enterprises Inc., was found guilty by the Securities and Exchange Commission last March of misappropriating funds from the firm's clients, which included many professional athletes.

According to a report by the NBC television station in Washington, Mr. Ourand pleaded guilty Monday to a federal criminal charge and admitted taking $250,000 from former heavyweight champion Mike Tyson and $500,000 from former NBA star Glen Rice and at least two other pro athletes.

Prosecutors said Mr. Ourand was a financial manager for the athletes and took the players' checks, making them out to himself or to cash. They said he also made bogus wire transfers.

Attorneys said Mr. Ourand used the money for hotel stays, tanning services, dry cleaning, shopping and dental work. His sentencing date has not been scheduled.

In his civil case, which began in June 2015, Mr. Ourand was ordered to disgorge $671,367 plus prejudgment interest and pay a $300,000 civil penalty. He also was barred from the securities industry. Last March, SFX paid $150,000 and its chief compliance officer paid $25,000 to settle the case.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

How interest rates have affected different types of insurance

Social media and engagement editor Scott Kleinberg and reporter Greg Iacurci discuss a common theme in this week's popular insurance stories.

Latest news & opinion

Trump said 'you're fired' to this adviser on TV in 2005, then LPL fired him for real in 2018

Louisville adviser Mark Lamkin was terminated by LPL, in part for failing to disclose outside business activities.

What not to do when working with couples

These are moves advisers should avoid when they are working with couples as clients.

Private Ocean grows to $2.2 billion with acquisition of Mosaic Financial

Combined financial planning operation gives the firm an expanded footprint in the San Francisco area.

Joe Duran has a game plan, and anyone can play

The CEO of United Capital built a formula for holistic financial planning that any firm can tap into — for a price.

LPL video about private equity looks like a swipe at Cetera

Recruiting video warns about potential consequences for advisers when a PE firm buys a broker-dealer.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print