Former financial advisor Brian J. Ourand, 55, of Chicago, admitted in federal court to stealing over $1 million from his high-profile clients, including boxing legend Mike Tyson and NBA All-Star Glen Rice. Ourand pled guilty today in the U.S. District Court for the District of Columbia to one count of wire fraud, marking the end of a years-long scheme that exploited the trust of elite athletes who relied on him to manage their fortunes.
From 2006 through July 2011, Ourand embezzled funds by writing fraudulent checks payable to himself and in cash, depositing the stolen money into personal accounts. He also issued unauthorized wire transfers to his girlfriend and an associate known as ‘Person B,’ using the cash to cover gambling debts and personal expenses. In one brazen act, he used $10,000 from Glen Rice’s account to pay Person B’s entry fee for the 2009 World Series of Poker in Las Vegas.
Ourand, who was an executive at a Washington, D.C.-based financial firm, held sweeping authority over his clients’ finances—paying bills, managing credit cards, filing taxes, and handling estate planning. That power, prosecutors say, became the weapon in a calculated betrayal. He admitted to abusing his position of trust, targeting four athletes over five years while his employer remained unaware until the fraud surfaced in 2011.
The firm, referred to in court documents as ‘Company A,’ terminated Ourand’s employment in August 2011 after uncovering the scheme. Though the company reimbursed the victims, Ourand is still on the hook for $1,002,390 in restitution and an identical forfeiture judgment under the terms of his plea agreement. He faces 33 to 41 months in prison under federal sentencing guidelines, with sentencing scheduled for May 2, 2017, before Judge Tanya S. Chutkan.
‘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 Channing D. Phillips. ‘Thanks to law enforcement, his fraudulent conduct came to light and he is being held accountable for the money that he stole.’
Assistant Director in Charge Andrew Vale of the FBI’s Washington Field Office emphasized the bureau’s commitment to cracking down on financial predators. ‘Today, Mr. Ourand admitted his participation in an embezzlement scheme intended to defraud investors,’ Vale said. ‘The FBI is committed to protecting the public from investment fraud and other deceptive scams, and will vigorously investigate those who criminally abuse their positions of trust for their own personal gain.’
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Key Facts
- State: Washington DC
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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