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Details Of Michael Vick's Illegal Pre-Bankruptcy Asset Transfers Come To Light

Posted By admin || 6-Aug-2010

Details Of Michael Vick's Illegal Pre-Bankruptcy Asset Transfers Come To LightEagles quarterback Michael Vick may be facing new charges in his bankruptcy case alleging that he made illegal transfers of assets to family and friends on the eve of his bankruptcy filing.

According to court records, Vick wrote and cashed 67 checks between October 2006 and November 2007 that were made payable to "cash." Records show that the total cash he collected from his 31 bank accounts during this period was $751,765, an average of nearly $54,000 in cash in his pocket each month during the final 7 months of his dog fighting operation and the first 7 months of investigations and charges that led to his incarceration.

The bankruptcy trustee overseeing Michael Vick's case charges that quarterback Michael Vick gave away money to his mother, the mothers of his three children, his sister and his brother, Marcus that should have gone to repay numerous creditors during his criminal case.  He also charges that Michael Vick should have known that the criminal case would in all probability force him into bankruptcy. If it is found that Vick did in fact transfer assets to his friends and family right before filing bankruptcy or with the knowledge that he would file bankruptcy soon, the bankruptcy trustee could force those individuals to return that money to the bankruptcy estate.  Also, if it is found that Michael Vick made these transfers with the intention of hiding money from the bankruptcy court or defrauding his creditors or the bankruptcy estate, he could face a charge of bankruptcy fraud which carries a prison term of up to ten years.

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