TYSON'S FORMER FINANCIAL ADVISOR GETS JAIL TIME
By Scott Shaffer
Brian Ourand stole $265K from Iron Mike
A former financial advisor, who provided investment services to former world heavyweight champion Mike Tyson was sentenced to 33 months in prison yesterday. Brian J. Ourand, 56, now of Chicago, admitted to stealing a total of more than $1 million from Tyson, former NBA all-star Glen Rice and two other unidentified pro athletes. His actions cost Tyson (pictured) $265,124 and Rice $546,168. Following his prison term, Ourand will be placed on three years of supervised release and required to do 100 hours of community service. Ourand is also required to pay approximately $2 million dollars.
In his plea, Ourand admitted that he embezzled the funds through various means, including numerous fraudulent checks made payable to himself, as well as cash that later deposited into his personal accounts. Ourand also admitted to stealing his clients’ money for the benefit of others, including his girlfriend. In one such instance, Ourand obtained a cashier’s check using funds
from Rice's bank account in the amount of $10,000 in order to pay the registration fee for the 2009 World Series of Poker tournament in Las Vegas.
According to a statement of offense submitted as part of the plea, the criminal activities began as early as 2006 and continued through July 2011. Ourand’s employer, identified in court
documents as “Company A,” terminated his employment in August of 2011, after the scheme was uncovered. The company reimbursed the athletes for their losses.
The criminal charges involved Ourand’s work for Tyson, Rice, and two other athletes, identified in court documents as “Athlete C” and “Athlete D.” As part of the plea agreement, Ourand agreed that he abused a position of trust in committing the offense. According to the statement of offense, Ourand deposited nearly 100 checks, drawn on the accounts of the four athletes, into a personal bank account, even though he was not authorized to
do so. He also initiated numerous wire transfers, drawn on the bank accounts of Tyson, Rice and “Athlete C,” for which he had no authorization.
As part of his scheme, Ourand also made numerous unauthorized ATM withdrawals and debit card transactions using funds belonging to Tyson, and obtained credit cards in his own name on the accounts of Rice and a foundation formed by “Athlete C,” which Ourand used to make unauthorized purchases.
Ourand then concealed his activities by generating documentation falsely claiming the money was used for business-related or otherwise authorized expenses, such as “personal expenses” for the client.
According to the government’s evidence, Ourand used the money for personal expenses, including to pay ordinary, everyday costs such as groceries and gas stations and more expensive purchases, such as stays at high-end hotels, rental cars, health club membership fees, department store purchases, golf course fees, tanning salons, and fancy restaurants.
Ourand pled guilty in February 2017 to a charge of wire fraud in the federal court in Washington D.C. In addition to the prison term
“Brian Ourand’s greed came at a cost to the people who trusted him with their money,” said U.S. Attorney Channing Phillips. “Instead of wisely managing his clients’ funds, as he had promised
to do, he used the money for hotels, health care memberships, rental cars and other personal expenses. Today’s sentence holds him accountable for his larcenous acts.”
“Brian Ourand concocted a series of lies with one goal in mind – to enrich himself and others by stealing approximately $1 million and deceiving those who put their trust in him,” said Andrew Vale of the FBI. “Financial fraud is and continues to be, a high priority for the FBI and we will continue to work closely with our partners to bring these white-collar criminals to justice.” source: United States Department of Justice press release
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