(U.S.)Department of Labor files complaints against Vick (misuse of pension fund)

[underpants]

Source: Richmond Times-Dispatch

RICHMOND -- The U.S. Department of Labor filed complaints yesterday accusing suspended NFL quarterback Michael Vick of illegally spending about $1.3 million in pension-plan funds for his own benefit, including paying restitution ordered in his dogfighting-conspiracy case.

The department filed the complaints in federal district and bankruptcy courts the same day that Vick left a federal lockup in Kansas, apparently bound for Virginia to appear at a bankruptcy hearing next week. Vick was at the Federal Transfer Center in Oklahoma City late yesterday afternoon.

The Labor Department said Vick made a series of prohibited transfers from a pension plan sponsored by MV7, a celebrity marketing company he owns. The department alleges that Vick violated his duties as trustee of a pension plan that covered nine current or former MV7 employees.

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.

Read more: http://www.timesdispatch.com/rtd/news/state_regional/state_regional_govtpolitics/article/VICK26_20090325-222923/241119/

[acmavm]

1. Glad they're hounding this guy to death rather than punishing

the fucks who gamed the world's economy.

I'm not making any excuses for this ignorant ass, but WTF? Justice can hop on prosecuting this guy yesterday, yet the real criminals will NEVER spend one day in a courtroom.

edit: I guess I forgot to raise the question 'How many business have raided pension accounts and left their employees out in the cold? How many have stolen the money millions of Americans planned to retire on'?

[underpants]

2. My WTF is

Who the hell was handling his money?
I would have to guess they were either ripping him off or (from what I have read) he was hemorrhaging money

the other is WTF was Nike doing in bed with him? Did they not know about the dogfighting? Did they not know he was on such a thin financial line that he could end up doing something that embarrassed them and made their commitment to him utterly useless?

[acmavm]

3. Yeah, you're points are good too. But I mean really, they're going

after this ignoramus faster than a speeding bullet.

Rich Wall Street criminals who have hurt us all just get more money.

[marshall]

4. At least they're not writing stimulus packages to protect his money

Whether it's a bonus or some other ill gotten gain.

[groundloop]

5. Why shouldn't Vick be prosecuted for this?

Good, glad to hear they're going after him. Not only did he break the law, this is sending a message to anyone who would consider stealing from an employee pension fund.

[marshall]

6. I think they should go after him, and I'm glad

I don't really get the notion that a department shouldn't be going after somebody like Vick because they ought to be going after somebody else. They obviously go after many many cases all the time. It's just the high profile ones like Vick that make the headlines.