Investment Firm Violates Trust

BoxingGlovesAn investment firm president who advised professional athletes was indicted in the District of Columbia, accused of stealing more than $1 million, which he allegedly spent on everything from tanning salons to lingerie to poker tournaments.

Brian J. Ourand, 54, was president of SFX Financial Advisory Management Enterprises Inc. until he was fired in 2011. In an indictment unsealed recently, federal prosecutors claim he spent money from his clients’ bank accounts and credit cards for his own use. Ourand and SFX, which is owned by Live Nation Entertainment Inc., were previously sued by retired boxer Mike Tyson, who said that Ourand stole $300,000 from him, according to the Wall Street Journal. In the new indictment, prosecutors said that Ourand stole from four people. The indictment did not name them but said all four were current or former professional athletes.

Ourand was responsible for preparing taxes, paying bills and doing estate planning for his wealthy clients, the indictment said. His job gave him access to the athletes’ bank accounts and credit cards. Prosecutors listed a variety of expenses that Ourand allegedly paid with the money he stole from the athletes: a $2,466 stay at the Renaissance Hotel in Chicago and another pricey stay at the Ritz Carlton in Miami, dental work, Nordstrom Rack clothing, dry cleaning and treatment at a tanning salon. He also is accused of stealing from a nonprofit that one of the athletes founded, the indictment said, allegedly using the foundation’s credit card at Morton’s Steakhouse. Prosecutors says he paid more than $3,000 of the foundation’s money for the private school tuition of his girlfriend’s relative and $10,000 for an acquaintance to register for the World Series of Poker in Las Vegas.

At one point, prosecutors said, Ourand took advantage of one of his clients when the athlete’s young child was killed in an accident. At the time of the tragedy, Ourand chipped in $5,000 toward the child’s hospital bills. Then he reimbursed himself roughly $40,000 from the athlete’s bank account. Ourand has been charged with crimes including mail fraud, wire fraud and identity theft. He is set to appear in court in late December 2015.