Bankruptcy

Bankruptcy Court Pleadings Show How Michael Vick Spent Millions Of Dollars

By Scott Riddle

Alan Judd at the Atlanta Journal has an article about Michael Vick's spending in the time leading up to his imprisonment, including millions of dollars transferred just before his incarceration.  This information was contained in pleadings filed in his Bankruptcy case.   Click here for the article.

Among the highlights from Alan's article:

• The day he went to jail, Michael Vick bought a $99,000 Mercedes.  He cashed four checks that totaled $24,900. He gave $28,000 to the mother of his oldest child. He paid a public relations firm $23,000 and gave a friend $16,000.  Altogether on Nov. 19, 2007, Vick spent $201,840. But for the former Atlanta Falcons quarterback, the day was most remarkable for how it ended: behind bars .. From Aug. 27, 2007, the day he pleaded guilty in a Richmond federal courthouse, until Nov. 19, the day he bought the new Mercedes before reporting to jail, Vick shelled out $3,627,291.

• During his last weeks of freedom, though, Vick also spent $85,000 on a fish pond and $48,257 for landscaping. He bought a $31,000 Ford pickup and a $33,100 Chevrolet. Vick’s financial records suggest he was hemorrhaging money. In the weeks before he went to jail, he made 48 cash withdrawals for a total of $325,945. The largest was on Sept. 19, for about $67,000. Using three cashier’s checks, he withdrew an additional $90,000.

• Vick seems to have relied heavily on cash.  In 2007, documents show, he used cashier’s checks to withdraw $908,500 from his bank accounts. During a two-year period, he wrote checks payable to “cash” totaling almost $1.1 million.

• Not long after joining the Falcons, Vick bought his first house: a $918,000 mini-mansion behind the gates that guard the Sugarloaf Country Club in Duluth. Two years later, in April 2005, he upgraded to a larger house in the same neighborhood, for almost $3.8 million.  He bought four more houses, all in Virginia, and began building another.He bought a condominium in Miami Beach.He bought interests in two farms — one in Virginia, one in Rockdale County, east of Atlanta. He bought six Paso Fino horses, worth about $450,000. He bought two boats, one for $100,000, the other for $125,000. He bought cars: a Bentley, two Land Rovers, Cadillacs, an Infiniti sport utility vehicle and an Infiniti sedan, two Ford pickup trucks, a Dodge, a Chevrolet, the $99,000 Mercedes. And he bought as much as $450,000 in jewelry.
  

Full post as published by Georgia Bankruptcy Blog on December 07, 2008 (boomark / email).