From wedding to, well, penitentiary.
That is the slated outcome for one high-level financial adviser who in the recent past was a former money-managing and investment executive with a national advising and securities firm.
The wedding groom was famed boxer Mike Tyson, who relied upon the adviser to handle money for him and considered him close enough of a friend to warrant a nuptials invite.
Tyson also entrusted the man with hundreds of thousands of dollars to invest on his behalf. His adviser dutifully applied those funds, as noted in a recent national report, "on tanning sessions, dental work, gambling and hotel stays, among other purchases."
And he apparently did the same with money received from other athlete clients.
As a result, the executive ended up in the crosshairs of federal prosecutors and ultimately -- just last week -- entered a guilty plea to a charge of embezzlement and wire fraud. He will be sentenced in early May, with the above-cited media article noting his likelihood of a prison term in the vicinity of 33 to 41 months.
Notably, and is sometimes the case in matters focused upon securities fraud and other investment scams, civil regulators also took an abiding interest in the ruse. The U.S. Securities and Exchange Commission found the adviser liable last year for misappropriating client funds, sanctioning him with levied fines and penalties totaling nearly $1 million.
Had the adviser chosen to reject the plea agreement offered to him, opting instead to challenge the government in federal court, he could potentially have received a 20-year prison sentence in the event he was convicted on the charges against him.