Former financial advisor admits stealing from Mike Tyson
WASHINGTON, DC — A former financial advisor, who gave investment advice to current and professional athletes, pled guilty to embezzling more than $1 million from his clients, said U.S. Attorney Channing D. Phillips.
Brian J. Ourand, 55, admitted stealing from four athletes, including boxing champion Mike Tyson and former NBA All-Star Glen Rice.
According to the press release, at the time of the offenses, Ourand was an executive for the Washington, D.C- based company.
Court records show the criminal activities started as early as 2006 and continued through July 2011. Ourand’s employer terminated his employment in August of 2011, after the scheme was uncovered. The company reimbursed the athletes for their losses.
“Financial advisor Brian Ourand violated the trust of clients who depended upon him to protect their investments, using over $1 million of their hard-earned money for his own personal purposes,” said U.S. Attorney Phillips.
Ourand pled guilty to a charge of wire fraud in the U.S. District Court for the District of Columbia. The charge carries a maximum of 20 years in prison and potential financial penalties. The U.S. Attorney’s Office says Ourand faces a likely range of 33 to 41 months in prison and a fine.
The plead agreement calls for him to pay $1,002,390 in restitution.
Ourand is to be sentenced on May 2, 2017.