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Old 03-26-09, 05:31 AM
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DOL: Michael Vick illegally tapped retirement plan

Wednesday, March 25, 2009, 5:24pm EDT
DOL: Michael Vick illegally tapped retirement plan
Washington Business Journal - by Kent Hoover Washington Bureau Chief

The Department of Labor sued former Atlanta Falcons quarterback Michael Vick, alleging he illegally withdrew $1.35 million from the retirement plan of one of his companies after his dog-fighting conviction.

The federal lawsuit contends Vick used some of this money to help pay the restitution imposed by the court in the dog-fighting case and to pay his attorney in his personal bankruptcy case.

The department alleged Vick violated federal employee benefits law by making a series of prohibited transfers from the retirement plan of MV7, a celebrity marketing enterprise owned by Vick. The company sponsored a defined benefit retirement plan for nine current and former employees. Vick violated his duties as a plan trustee by making the transfers, which occurred from March 7, 2007, to July 7, 2008, according to the department.

The agency also has filed a complaint in federal bankruptcy court to prevent Vick from discharging this alleged debt to the MV7 retirement plan.

The department alleged that former Vick financial advisers Mary Wong and David Talbot also participated in some of the transfers.

The Associated Press reported Wednesday that Vick has left a federal prison in Leavenworth, Kan., to travel to Newport News, Va., for an April 2 hearing in his bankruptcy case.
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