Ric Flair & Mike Tyson Involved In Embezzlement Lawsuit

WWE Hall of Famers Ric Flair and Mike Tyson have launched an embezzlement lawsuit and are seeking $50 million.

The New York Post has reported that Ric Flair and Mike Tyson have filed a lawsuit in Illinois against former cannabis licensing company Carma HoldCo Inc. executives. Chad Bronstein, Adam Wilks, and Nicole Cosby are those accused of criminal wire fraud, money laundering, extortion, and securities fraud. Flair and Tyson are looking for a payout of $50 million in damages.

The court filing alleges that:

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.

Denials Given Over Ric Flair & Mike Tyson’s Lawsuit

Wilks gave his own statement through his attorney, hitting out at the credibility of Ric Flair and Mike Tyson:

These claims are as credible as the people they come from — in short, the allegations are without substance. This is nothing more than an attempt to spit out an earful of salacious headlines and attempt to coerce my client into paying money to them when he did nothing wrong.

An attorney for both Bronstein and Cosby also denied the accusations:

The complaint is 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. My clients won’t be bullied and are prepared to knock out this meritless lawsuit in court.

This is not the first legal proceedings involving a wrestling personality that Carma HoldCo Inc. has been involved in. The company previously filed a lawsuit against Bronstein after he left the company, accusing him and Cosby of stealing the concept of “Real American Beer” that was fronted by Hulk Hogan until his sudden death in July 2025.

Ric Flair and Mike Tyson were both a part of the WWE Hall of Fame Class of 2012. Tyson was inducted into the celebrity wing, while Flair became the first two-time Hall of Famer as he was inducted as part of the Four Horsemen.