Vick accused of illegally withdrawing $1.3 mil from pension plan
Michael Vick is in more hot water as the Department of Labor is accusing him of illegally withdrawing more than $1.3 million from a pension plan he had to help play his criminal restitution after his conviction on dog-fighting charges.
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 department also accused two of Vick’s former financial advisers, Mary R. Wong and David A. Talbot, of participating in some of the transfers.
The filing further complicates Vick’s bankruptcy case, which has gradually moved along in Newport News while Vick serves a 23-month prison term in the federal penitentiary in Leavenworth, Kan. The judge presiding over the bankruptcy case has ordered Vick to testify in person at next week’s hearing on confirmation of his Chapter 11 plan.
The department says the plan assets were partially used to help pay the criminal restitution imposed on Vick after his federal dogfighting conspiracy conviction.
I’ve never seen anyone blow through millions of dollars like this a-hole and have nothing to show for it.
