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Michael Vick: In trouble with the feds AGAIN?

Mr. Scot

By Mr. Scot,
in Carolina Panthers

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Mr. Scot Grand Master

Mr. Scot

Posted
Posted

Feds: Vick illegally spent pension funds

Wow :willy_nilly:

The federal Department of Labor is accusing imprisoned NFL star Michael Vick of illegally withdrawing more than $1.3 million from a pension plan.

The department filed complaints Wednesday against Vick in federal district and bankruptcy courts in Newport News.

Vick attorney Mark Lichtenstein declined to comment on the complaints.

The department says Vick made a series of prohibited transfers from a pension plan sponsored by MV7, a celebrity marketing company owned by the former Atlanta Falcons quarterback. The department alleges that Vick violated his duties as trustee of a pension plan that covered nine current or former MV7 employees.

"This action sends a message that the Labor Department will not tolerate the misuse of plan money and will take whatever steps necessary to recover the assets owed to eligible workers," Secretary of Labor Hilda L. Solis said in a prepared statement.

The article doesn't list possible penalties for this. It sounds to me more like a hefty fine would be the outcome rather than imprisonment, but I have no legal expertise to say so. Maybe one of our resident lawyers has some insight.

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Skew Newbie

Skew

Posted
Posted

Well, I'm not a lawyer, but the fact that this was brought up during his bankrupcty case is not good for anyone. His creditors are now looking for even fewer cents on the dollar.

I have seen a case that paid out $0.01 for every $3,000.00 owed.

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