Options
Records Detail Michael Vick's Lavish Spending
stevek
Posts: 27,771 ✭✭✭✭✭
in Sports Talk
Records Detail Michael Vick's Lavish Spending
By LARRY O'DELL, AP
posted: 14 HOURS 59 MINUTES AGO
RICHMOND, Va. (Nov. 21) - Michael Vick was once the NFL's highest-paid player, and he spent like it.
One of his friends tools around in a $31,000 Cadillac DTS. His former personal assistant steers a $45,000 Infiniti M45 and has a pair of power boats. His brother Marcus has a $62,000 Land Rover and his sister a Yukon Denali.
Sports Stars' Money WoesHaraz N. Ghanbari, AP13 photos Michael Vick was once the NFL's highest-paid player. Now the jailed former star is millions of dollars in debt, and is making 12 cents an hour in his job at the federal penitentiary. Click through to see more sports stars who have struggled with financial woes.(Note: Please disable your pop-up blocker)
Sports Stars Money Woes
Michael Vick was once the NFL's highest-paid player. Now the jailed former star is millions of dollars in debt, and is making 12 cents an hour in his job at the federal penitentiary. Click through to see more sports stars who have struggled with financial woes.
But Vick himself is busted, millions of dollars in debt and making 12 cents an hour in his job at the federal penitentiary in Leavenworth, Kan., where he serving a 23-month sentence on dogfighting charges.
With Vick due to plead on state charges next week - he was returned to Virginia on Thursday - The Associated Press reviewed the details of his bankruptcy filing. The documents reveal astoundingly bad financial management of the quarterback's fortune.
His salary from the Atlanta Falcons was $11.4 million in 2006 and $6 million in 2007. Along with substantial income from endorsements, the windfall allowed Vick to spread the wealth, paying mortgages and bills for family members and keeping them flush in spending money.
"Chump change," Vick wrote on one $1,000 check to his mother.
But his balance sheet is now grim. Vick claims assets of $16 million and liabilities of $20.4 million. He's on the hook for judgments of $2.4 million to the Royal Bank of Canada and $1.1 million to Wachovia Bank, both because of loan defaults, and $4.5 million for a sports agent who sued him and won.
What Has Tapped Vick's Millions?WireImage - Getty Images6 photos Even Michael Vick's bank accounts aren't spared in his fall from grace. New details of his bankruptcy filing reveal poor financial management of the quarterback's fortune. Click through to see some of the items that has cost Vick his millions.(Note: Please disable your pop-up blocker)
What Has Tapped Vicks Millions?
Even Michael Vick's bank accounts aren't spared in his fall from grace. New details of his bankruptcy filing reveal poor financial management of the quarterback's fortune. Click through to see some of the items that has cost Vick his millions.
Meanwhile, his monthly bills are piling up: his mother Brenda Boddie's $4,700 mortgage; more than $2,000 in car payments for her Cadillac XLR and Escalade; a $2,500 mortgage for fiancee Kijafa Frink and their two children; $1,160 for Frink's Range Rover; a $781 payment for his sister's Yukon Denali; $3,500 in monthly support for his young son and the boy's mother.
Fortunately for Vick, the Land Rover he gave brother Marcus is paid in full. So is the $65,000 Infiniti sport utility vehicle parked near Leavenworth for Frink's use during her twice-monthly visits. Vick sold his Bentley for $105,000 and used the money to buy a Mercedes-Benz.
His real estate holdings include the homes in Suffolk and Hampton in Virginia where his mother and fiancee live, respectively, and vacant houses in Williamsburg and Duluth, Ga. Construction continues on a $2 million home in Suffolk where he and his fiancee plan to eventually live. Already sold is the 4,600-square-foot house on 15 acres in Surry County that served as headquarters for the Bad Newz Kennels dogfighting operation.
Vick is scheduled to plead guilty to state dogfighting and animal cruelty charges Tuesday in a deal that calls for a suspended sentence and probation. The plea could clear the way for his entry into a halfway house for the last few months of his federal sentence before his expected release in July.
But he'll still have to face a financial mess worsened by his entanglement in about 20 business ventures, from a rental car outlet to a liquor store. Vick plans to pay his creditors by returning to the NFL - a goal that hinges on his reinstatement by the league's commissioner.
Scores of large withdrawals, debits, wire transfers and cashier's checks - some for hundreds of thousands of dollars - were made from various accounts over the last couple of years. In most cases there's no indication of how the money was spent, but Vick has admitted financing the dogfighting operation and giving betting money to his associates.
Those associates include three co-defendants who also were sentenced to prison for their roles in the dogfighting ring. Vick paid $150,000 to each of their lawyers. As would be expected in such a high-profile case, the records also show millions of dollars for Vick's defense and bankruptcy legal teams.
Charles W. Reamon Jr., the recipient of the Infiniti and the two boats, had easy access to the player's money and tapped one account for more than $1.1 million between October 2006 and December 2007. Entry after entry lists "cash out" transactions ranging from $1,000 to more than $88,000.
Reamon, listed in court papers as Vick's "personal assistant and friend," is Vick's partner in a Virginia horse farm where one of their two jointly owned yachts - combined value about $225,000 - is stored. But Reamon is now listed as one of several potential defendants in lawsuits Vick is considering filing, alleging mismanagement of his money.
Among the others are former financial advisers Mary Wong and David Talbot. Wong was recommended to Vick by his former teammate, Demorrio Williams. Vick's lawyers now believe Wong owes him at least $625,000.
Vick later hired Talbot but fired him after he was charged with securities fraud in New Jersey. Talbot has returned an $80,000 Mercedes that Vick gave him as payment but still could face suit for "breach of fiduciary duty and conversion," according to Vick's financial disclosure statement.
"Mary Wong categorically denies that she has ever wrongfully taken one penny from Michael Vick," said Wong's attorney, James Mitchell of Omaha. Any suggestion to the contrary is "unbelievably outrageous," he said.
Mitchell said Wong did not charge for her services. Wong already has accounted for some of the funds entrusted to her by Vick while holding power of attorney and is in the process of accounting for the rest, Mitchell said.
Reamon did not return a message left with a person who answered the phone listed in Charles Reamon's name in Newport News, and efforts to locate Talbot were unsuccessful.
"There were a lot of people with his or her hands in the till," one of Vick's lawyers, Peter Ginsberg, said at a recent bankruptcy hearing.
Talbot also briefly possessed jewelry worth about $100,000 to $150,000 that Vick gave to his brother. The jewelry has since been returned to an Atlanta jewelry store because there is a dispute over ownership.
The bling included diamond stud earrings and a charm with the inscription: "World Is Mine."
Associated Press Sports Writer Hank Kurz Jr. contributed to this
By LARRY O'DELL, AP
posted: 14 HOURS 59 MINUTES AGO
RICHMOND, Va. (Nov. 21) - Michael Vick was once the NFL's highest-paid player, and he spent like it.
One of his friends tools around in a $31,000 Cadillac DTS. His former personal assistant steers a $45,000 Infiniti M45 and has a pair of power boats. His brother Marcus has a $62,000 Land Rover and his sister a Yukon Denali.
Sports Stars' Money WoesHaraz N. Ghanbari, AP13 photos Michael Vick was once the NFL's highest-paid player. Now the jailed former star is millions of dollars in debt, and is making 12 cents an hour in his job at the federal penitentiary. Click through to see more sports stars who have struggled with financial woes.(Note: Please disable your pop-up blocker)
Sports Stars Money Woes
Michael Vick was once the NFL's highest-paid player. Now the jailed former star is millions of dollars in debt, and is making 12 cents an hour in his job at the federal penitentiary. Click through to see more sports stars who have struggled with financial woes.
But Vick himself is busted, millions of dollars in debt and making 12 cents an hour in his job at the federal penitentiary in Leavenworth, Kan., where he serving a 23-month sentence on dogfighting charges.
With Vick due to plead on state charges next week - he was returned to Virginia on Thursday - The Associated Press reviewed the details of his bankruptcy filing. The documents reveal astoundingly bad financial management of the quarterback's fortune.
His salary from the Atlanta Falcons was $11.4 million in 2006 and $6 million in 2007. Along with substantial income from endorsements, the windfall allowed Vick to spread the wealth, paying mortgages and bills for family members and keeping them flush in spending money.
"Chump change," Vick wrote on one $1,000 check to his mother.
But his balance sheet is now grim. Vick claims assets of $16 million and liabilities of $20.4 million. He's on the hook for judgments of $2.4 million to the Royal Bank of Canada and $1.1 million to Wachovia Bank, both because of loan defaults, and $4.5 million for a sports agent who sued him and won.
What Has Tapped Vick's Millions?WireImage - Getty Images6 photos Even Michael Vick's bank accounts aren't spared in his fall from grace. New details of his bankruptcy filing reveal poor financial management of the quarterback's fortune. Click through to see some of the items that has cost Vick his millions.(Note: Please disable your pop-up blocker)
What Has Tapped Vicks Millions?
Even Michael Vick's bank accounts aren't spared in his fall from grace. New details of his bankruptcy filing reveal poor financial management of the quarterback's fortune. Click through to see some of the items that has cost Vick his millions.
Meanwhile, his monthly bills are piling up: his mother Brenda Boddie's $4,700 mortgage; more than $2,000 in car payments for her Cadillac XLR and Escalade; a $2,500 mortgage for fiancee Kijafa Frink and their two children; $1,160 for Frink's Range Rover; a $781 payment for his sister's Yukon Denali; $3,500 in monthly support for his young son and the boy's mother.
Fortunately for Vick, the Land Rover he gave brother Marcus is paid in full. So is the $65,000 Infiniti sport utility vehicle parked near Leavenworth for Frink's use during her twice-monthly visits. Vick sold his Bentley for $105,000 and used the money to buy a Mercedes-Benz.
His real estate holdings include the homes in Suffolk and Hampton in Virginia where his mother and fiancee live, respectively, and vacant houses in Williamsburg and Duluth, Ga. Construction continues on a $2 million home in Suffolk where he and his fiancee plan to eventually live. Already sold is the 4,600-square-foot house on 15 acres in Surry County that served as headquarters for the Bad Newz Kennels dogfighting operation.
Vick is scheduled to plead guilty to state dogfighting and animal cruelty charges Tuesday in a deal that calls for a suspended sentence and probation. The plea could clear the way for his entry into a halfway house for the last few months of his federal sentence before his expected release in July.
But he'll still have to face a financial mess worsened by his entanglement in about 20 business ventures, from a rental car outlet to a liquor store. Vick plans to pay his creditors by returning to the NFL - a goal that hinges on his reinstatement by the league's commissioner.
Scores of large withdrawals, debits, wire transfers and cashier's checks - some for hundreds of thousands of dollars - were made from various accounts over the last couple of years. In most cases there's no indication of how the money was spent, but Vick has admitted financing the dogfighting operation and giving betting money to his associates.
Those associates include three co-defendants who also were sentenced to prison for their roles in the dogfighting ring. Vick paid $150,000 to each of their lawyers. As would be expected in such a high-profile case, the records also show millions of dollars for Vick's defense and bankruptcy legal teams.
Charles W. Reamon Jr., the recipient of the Infiniti and the two boats, had easy access to the player's money and tapped one account for more than $1.1 million between October 2006 and December 2007. Entry after entry lists "cash out" transactions ranging from $1,000 to more than $88,000.
Reamon, listed in court papers as Vick's "personal assistant and friend," is Vick's partner in a Virginia horse farm where one of their two jointly owned yachts - combined value about $225,000 - is stored. But Reamon is now listed as one of several potential defendants in lawsuits Vick is considering filing, alleging mismanagement of his money.
Among the others are former financial advisers Mary Wong and David Talbot. Wong was recommended to Vick by his former teammate, Demorrio Williams. Vick's lawyers now believe Wong owes him at least $625,000.
Vick later hired Talbot but fired him after he was charged with securities fraud in New Jersey. Talbot has returned an $80,000 Mercedes that Vick gave him as payment but still could face suit for "breach of fiduciary duty and conversion," according to Vick's financial disclosure statement.
"Mary Wong categorically denies that she has ever wrongfully taken one penny from Michael Vick," said Wong's attorney, James Mitchell of Omaha. Any suggestion to the contrary is "unbelievably outrageous," he said.
Mitchell said Wong did not charge for her services. Wong already has accounted for some of the funds entrusted to her by Vick while holding power of attorney and is in the process of accounting for the rest, Mitchell said.
Reamon did not return a message left with a person who answered the phone listed in Charles Reamon's name in Newport News, and efforts to locate Talbot were unsuccessful.
"There were a lot of people with his or her hands in the till," one of Vick's lawyers, Peter Ginsberg, said at a recent bankruptcy hearing.
Talbot also briefly possessed jewelry worth about $100,000 to $150,000 that Vick gave to his brother. The jewelry has since been returned to an Atlanta jewelry store because there is a dispute over ownership.
The bling included diamond stud earrings and a charm with the inscription: "World Is Mine."
Associated Press Sports Writer Hank Kurz Jr. contributed to this
0
Comments
What's your point?
"How about a little fire Scarecrow ?"
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
What's your point?
"How about a little fire Scarecrow ?"
I sure wouldn't like being a creditor of Michael Vick, with his ability to pay me back based on this. LOL
Gamblers tipically are broke. What's your point?
"How about a little fire Scarecrow ?"
Umm, it's a sports board forum and this is a sports-related figure. The stamps board is down the hall, LOL..
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
ISO 1978 Topps Baseball in NM-MT High Grade Raw 3, 100, 103, 302, 347, 376, 416, 466, 481, 487, 509, 534, 540, 554, 579, 580, 622, 642, 673, 724__________________________________________________________________________________________________________________________________ISO 1978 O-Pee-Chee in NM-MT High Grade Raw12, 21, 29, 38, 49, 65, 69, 73, 74, 81, 95, 100, 104, 110, 115, 122, 132, 133, 135, 140, 142, 151, 153, 155, 160, 161, 167, 168, 172, 179, 181, 196, 200, 204, 210, 224, 231, 240
It used to be that the NBA was thought of as having the most thugs. The NFL has quickly surpassed them in that regard.
<< <i>So when does the betting start on who will take him as their new QB? >>
Oakland or Dallas are my guesses. The two most inept front offices/owners in pro sports.
bother anyone. Sad.
JS
these thugs!
JS
The way Big Ben's been playing this year i wouldn't be shocked to see him end up in Pitt
Vick's salary would be another issue - Is Vick willing to work for peanuts compared to what he used to get paid? My guess is he would based on a one year contract to "prove himself" with the hope of a bigger payday ahead if he performs well.
Raw: Tony Gonzalez (low #'d cards, and especially 1/1's) and Steve Young.
<< <i>Oakland or Dallas are my guesses. The two most inept front offices/owners in pro sports.
The way Big Ben's been playing this year i wouldn't be shocked to see him end up in Pitt >>
I think the Steelers will have a pretty long leash for a QB that's won about 70% of his games in the NFL. When was the last time Dallas won a playoff game, 1996? Seems to be more of a fit there.
He seems like a perfect fit for Jerry and his new 93,000 seat stadium. While on that topic, does he really have the Cowboys fans in mind with that stadium, or is it just so he can say that they'll have a Super Bowl there? When I was in Dallas in 2004 to see the Steelers beat the Cowboys, Steelers fans accounted for about half the fans in the stadium. I'm not saying you're one of them, but the Cowboys easily have the most fair-weathered fans in football. I would personally hate to have an owner who is always chasing the next big thing (Adam Jones, Roy Williams-and that's just this year, but he set that precedent a long time ago). You just can't build your team like that anymore.
Sorry for the rant, I'm sure you're a passionate Cowboys fan, which does count for a lot.
<< <i>How can anybody making that amount of obsene money be in debt? He could live very well off just the interest. Terrible money management. >>
True story - Leonard Tose, former owner of the Philadelphia Eagles, gambled away his Philadelphia Eagles football team, and his trucking company...so it's not just the players. But for sure, Vick's story of degradation and squandering money has to be somewhere near the top of the list for a player involved in sports.
Is your point that the Cowboys would be a better team with Vick than Romo ?
Have you ever watched Romo play ?
Why name a team that has a Pro Bowl qb when there are plenty of teams out there that do need a qb ?
<< <i>I think the Steelers will have a pretty long leash for a QB that's won about 70% of his games in the NFL. When was the last time Dallas won a playoff game, 1996? Seems to be more of a fit there.
Is your point that the Cowboys would be a better team with Vick than Romo ?
Have you ever watched Romo play ?
Why name a team that has a Pro Bowl qb when there are plenty of teams out there that do need a qb ? >>
A) Who knows, probably not. Vick does have more playoff victories than Romo, though...
C) Because the Cowboys and Raiders never make logical roster moves...did you really need Roy E. Williams for the price you paid for him?
For a fan of a team that 1. Cut John Unitas 2. Passed on Marino 3. Tried to sign Scott Mitchell , i wouldn't talk
<< <i>C) Because the Cowboys and Raiders never make logical roster moves...did you really need Roy E. Williams for the price you paid for him?
For a fan of a team that 1. Cut John Unitas 2. Passed on Marino 3. Tried to sign Scott Mitchell , i wouldn't talk
<< <i>C) Because the Cowboys and Raiders never make logical roster moves...did you really need Roy E. Williams for the price you paid for him?
For a fan of a team that 1. Cut John Unitas 2. Passed on Marino 3. Tried to sign Scott Mitchell , i wouldn't talk
Nice comeback. Can we talk about stuff that happened in the last two decades?
Ok, how about we start with Super Bowl XXX ?