As discussed in its press release, the U.S. Department of Labor has sued former — and likely future — NFL quarterback Michael Vick (and two of his financial advisors) to recover assets removed from the ERISA pension plan sponsored by his celebrity marketing company for the benefit of the company’s employees. The DOL’s Complaint, filed in federal court in Virginia, alleges that Vick and his advisors improperly removed the funds, and used the plan assets to pay criminal restitution charges stemming from his conviction for dog fighting charges. They also allegedly used the assets to pay Vick’s bankruptcy attorney. The ERISA lesson here of not using plan assets for personal use is too obvious to speak.
We have no way of knowing whether Michael Vick may later face criminal charges in this ERISA matter, but it may be a little too early for sports fans to count on including him in their fantasy football lineups.