Sometimes, this blog writes itself. My dear friend Steve R. alerted me to a DOL news release, which he had learned about from Doug Halonen's story in Crain's Pensions & Investments Online of March 25, 2009. I set it out in part below, with nothing to add except that, to quote (or paraphrase - not sure) Mark Twain, "The only difference between truth and fiction is that fiction has to be credible." Here goes:
Former NFL quarterback Michael Vick faces a federal lawsuit from the Department of Labor claiming he made prohibited transfers from a defined benefit plan sponsored by one of his companies, according to a DOL news release. The DOL also filed a complaint in U.S. Bankruptcy Court seeking to block Mr. Vick from discharging the alleged debt to the retirement plan of MV7, a celebrity marketing firm that Mr. Vick owned, the news release said. . . . “The plan assets were partially used to help pay the criminal restitution imposed upon . . . Vick after his conviction for unlawful dogfighting as well as his attorney in the bankruptcy cases,” the news release said. . . . “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,” Labor Secretary . . . Solis said in the release.
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Thursday, March 26, 2009
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You do know that Denny McClain went to prison for an ERISA violation, correct? Who says ERISA is not an exciting area?
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