The Secret Santa for the legendary boxer, Mike Tyson, comes in a twisted form of a civil lawsuit for $50 million. As ridiculous as this may sound, sports fans are in for a surprise after Tyson crossed paths with WWE icon Ric Flair to stomp cannabis licensing company Carma HoldCo Inc. for embezzlement charges.

Mike Tyson, who co-founded Carma HoldCo Inc. as a ‘house of brands’ for cannabis and lifestyle products, stepped up as CEO earlier this year. However, the new chapter for the portfolio didn’t unfold as Tyson would have wanted it to, with money laundering and wire fraud scarred his experience. Days before Christmas, the duplicity has mounted into a real legal issue.

Mike Tyson accuses executives of using Carma HoldCo Inc. as a personal ‘piggy bank’

WWE Hall of Famer Ric Flair is once again making headlines as he joins Mike Tyson to file a joint lawsuit in Illinois against the company executives, Chad Bronstein, Adam Wilks, and Nicole Cosby. The 76-page file accused the company officials of criminal offenses like wire fraud, embezzlement, and misuse of company profit for personal benefits. The court filing read:

“Throughout their time at CARMA, Bronstein and Wilks treated CARMA as their own personal piggy bank, using more than $1 million to pay for unauthorized personal travel on private jets, costs associated with Bronstein’s personal yacht, renovations to Bronstein’s personal residence, a mortgage payment for Wilks’ personal residence, and lavish entertainment expenditures for Wilks, including exorbitantly priced meals and travel expenditures, as well as excessive and unapproved compensation and bonuses.”

Further, allegations of financial wrongdoing under RICO laws have also been placed in front of the court. In another accusation, Chad Bronstein allegedly bought LA Rams head coach Sean McVay a $15,000 watch using company funds, unbeknownst to McVay. These serious claims have put the corporation on fire.

While this is a civil lawsuit, and no one will face jail time even after the allegations are proven true, Mike Tyson and Ric Flair have lifted the lid on their real demands. They have asked for $50 million for damages, alongside legal fees. They have also called for a jury trial. Willkie Farr & Gallagher from NY is on their case.

These demands aren’t a walk in the park for the executives, who have been in sharp denial of the accusations, painting the lawsuit as a nasty PR stunt.

Carma HoldCo Inc. execs deny Mike Tyson’s embezzlement allegations

Since stepping up as the CEO, Carma HoldCo Inc. has caused numerous setbacks for Mike Tyson. However, none bigger than his latest lawsuit. However, the picture from Adam Wilks’ side unfolds as a conspiratorial lawsuit crafted to cash in on money from the executive.

In a statement to Front Office Sports, Wilks’ attorney Terry Campbell stated, “These claims are as credible as the people they come from… In short, the allegations are without substance.” Moreover, he added how this tactic is nothing but Tyson’s antic at spilling out an “earful of salacious headlines” and coercing money from Wilks.

Other execs have also denied any association with the lawsuit. However, these executives, especially Bronstein and Cosby, have a colored legal history, and the shades are grim. The company had previously accused the former President, Bronstein, of having stolen the ‘Real American Brand’ with late Hulk Hogan as the mascot, alongside the former chief legal and licensing officer, Nicole Cosby.

“The complaint is fiction dressed up as a lawsuit,” Jonathan Cyrluk said, disputing the claims. “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.”

However, as history suggests, none of the parties involved has been a figure free from controversy. What’s unfolding between Mike Tyson, Ric Flair, and Carma HoldCo Inc. is less a holiday shock and more a familiar cautionary tale of celebrity-backed business ventures gone sideways. Who do you believe is actually in the mud in this fiasco? Drop your thoughts below.