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Mike Tyson, Ric Flair File $50 Million Lawsuit

You don't ever want to meet Mike Tyson or Ric Flair in a boxing or wrestling ring, but how about in the courtroom? That's something the famous duo's former business partners might be dealing with thanks to a new lawsuit.

According to Front Office Sports, a 76-page lawsuit was filed  in U.S. District Court in Illinois last week, accusing former executives of cannabis licensing company Carma HoldCo Inc. of “brazen RICO conspiracy involving criminal wire fraud, embezzlement, money laundering, and extortion, as well as securities fraud and shameless self-dealing that enriched the Defendants to the tune of tens of millions of dollars.” 

Tyson was named CEO of Carma back in April. Carma and LGNDS, a Miami-based hemp company, have combined to release the Tyson 2.0 and Ric Flair Drip cannabis products named in honor of the legendary boxer and wrestler.

What to know about this new lawsuit

Four defendants are named in the suit--former Carma president Chad Bronstein, ex-CEO Adam Wilks, ex-legal chief Nicole Cosby, and shareholder James Case.

The claims were filed in civil court, meaning no jail time is attached, but Tyson, Flair, Carma and LGNDS are seeking $50 million in damages and legal fees and have requested a jury trial.

What does the Tyson and Flair lawsuit claim?

The filing alleges that during their tenure at Carma, Bronstein and Wilks used the company "as their own personal piggy bank."

The pair is accused to taking "more than $1 million to pay for unauthorized personal travel on private jets," as well as "costs associated with Bronstein’s personal yacht" and home renovations, plus a mortgage payment for Wilks’ residence, and "lavish entertainment expenditures for Wilks, including exorbitantly priced meals and travel expenditures, as well as excessive and unapproved compensation and bonuses."

Another accusation in the suit says that in "late 2020 or early 2021," Bronstein used company funds to purchase a new watch for Los Angeles Rams head coach Sean McVay without McVay's knowledge.

"Unbeknownst to McVay, this purchase was completed without company approval. Bronstein misappropriated approximately $15,000 worth of company funds to purchase the watch," the filing claims.

Defendants respond

Bronstein and Wilks, who were also sued this year by Carma Hold Inc. in a dispute over Hulk Hogan's Real American Beer brand, have responded to Tyson and Flair's lawsuit through their attorney Jonathan Cyrluk, who called the complaint "fiction dressed up as a lawsuit."

“Before filing, the plaintiffs tried to intimidate my clients with settlement demands that read more like a shakedown than a legal claim—demanding millions of dollars and attempting to force others to surrender their Carma shares," Cyrluk said in a statement to Front Office Sports.

“My clients won’t be bullied and are prepared to knock out this meritless lawsuit in court."

Wilks' attorney Terry Campbell added that the claims "are as credible as the people they come from—in short, the allegations are without substance."



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